Director of company/shareholders

[Richard]

Evening blues, I've got a question I could do with some help with for those who own their own businesses and have an understanding about dividends, shareholders, directors, and all that exciting stuff.

In short, I've been asked to be a Director of a friends fairly new start up based in Manchester. I'll be expected to do some work for this organisation but won't be a shareholder. It's not a salaried role either, so my question obviously is how will I be paid?

I'm happy to work on a % of profits basis, but will I need to be a shareholder to do this? Or am I indeed being swindled?

This (as you can probably tell) is not my forte...

 

[Damocles]

If it's not a salaried role, you won't be paid in the short term.

If you don't own any of the company, you won't be paid in the long term.

Get a good solicitor and get a financial agreement in place before you do any work.

My biggest pro-tip would be to never go into business with friends.

 

[aguero93:20]

If it's not a salaried role, you won't be paid in the short term.

If you don't own any of the company, you won't be paid in the long term.

Get a good solicitor and get a financial agreement in place before you do any work.

My biggest pro-tip would be to never go into business with friends.

This.

 

[blueinsa]

If it's not a salaried role, you won't be paid in the short term.

If you don't own any of the company, you won't be paid in the long term.

Get a good solicitor and get a financial agreement in place before you do any work.

My biggest pro-tip would be to never go into business with friends.

This.

 

[Ghandi's Flip Flops]

If it's not a salaried role, you won't be paid in the short term.

If you don't own any of the company, you won't be paid in the long term.

Get a good solicitor and get a financial agreement in place before you do any work.

My biggest pro-tip would be to never go into business with friends.

^^^ this.

been a while since i had a Ltd Co. but as a Director won't you be just as liable for any debts the company run up?

I would avoid it like the plague, especially as it's a new start up

 

[dronefromsector7G]

This.

And just to be safe maybe burn your mate’s house down and shit on his lawn.

 

[aguero93:20]

And just to be safe maybe burn your mate’s house down and shit on his lawn.

No, no, no. It's the fucking car you torch ffs. How the fuck are you supposed to brick his windows when you've already burned his fucking house down?

 

[Blue Smarties]

No, no, no. It's the fucking car you torch ffs. How the fuck are you supposed to brick his windows when you've already burned his fucking house down?

And it’s not the lawn you shit on, it’s the doorstep. He’s supposed to run outside when he sees his burning car, that’s when he steps in the shit.

 

[aguero93:20]

And it’s not the lawn you shit on, it’s the doorstep. He’s supposed to run outside when he sees his burning car, that’s when he steps in the shit.

Finally, someone with a clue.

 

[Gelsons Dad]

If it's not a salaried role, you won't be paid in the short term.

If you don't own any of the company, you won't be paid in the long term.

Get a good solicitor and get a financial agreement in place before you do any work.

My biggest pro-tip would be to never go into business with friends.

Word!