Get Paid

[radish2008]

This is so wrong it's untrue, it belongs to this OP's Ltd, a legally separate body.

That's right. Of which he is the director, owner and probably sole share holder.

My point, which I probably made poorly, was that he is running his own business.

[stek]

That's right. Of which he is the director, owner and probably sole share holder.

My point, which I probably made poorly, was that he is running his own business.

But still not his, it's an important distinction and the whole crux of the Agencies Act and why we have to trade this way.

Never, ever think it's 'your money', only shareholder or not - it legally isn't.

[radish2008]

But still not his, it's an important distinction and the whole crux of the Agencies Act and why we have to trade this way.

Never, ever think it's 'your money', only shareholder or not - it legally isn't.

I totally take your point and but disagree. The portion of the money in your account as being sole shareholder in a business you own that does not form part of your liabilities is profit and therefore yours. I think we might be splitting hairs.

When it boils down to it he has money in the bank say 5k for example, he knows he can take 1k of that and meet his liabilities. He doesn't need to check with anyone else.

[escapeUK]

I disagree too. The company owns the money, I own the company. Tax obligation aside anything else its up to me what I do with it.

Its mine, all mine <evil laugh>

[Wanderer]

Could I just take some money out and organise the share dividend paper work next week.

Yeah, go ahead. It's your company, do what you like with it. Make sure you get your accountant to do the paperwork straight away though and don't go spending all the money not knowing what your company's liabilities are and then find you can't pay it back.

[JamJarST]

Quickly someone hide this thread cos poor old NLUK with have a stroke if he sees it!!

[northernladuk]

Quickly someone hide this thread cos poor old NLUK with have a stroke if he sees it!!

I already have and am recovering well. The keyboard marks from my forehead after banging my head on it for 20 mins are recoving nicely as well.

[NotAllThere]

GeorgeB, why are you posting as NewGuy?

[northernladuk]

GeorgeB, why are you posting as NewGuy?

Maybe because he has been blowing his trumpet about being a full CUK member here and then just realised he hasn't learned a bloody thing and doesn't want to look like a fool?

[GeorgeB]

GeorgeB, why are you posting as NewGuy?

Because its a stupid question and I should probably know better. I'm an experienced developer but a very new director. Shoot me!!

How did you know it was me?