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#1 03-10-08 23:12:08

ASW
Verified Member
From: Coventry
Registered: 01-08-06
Posts: 143
Website

Ltd company directors?

Not too sure about official business terms so...

I'm in the process of setting up a completely seperate company and have a chap who is helping with the initial set-up who is interested in becoming a director of the company.

Happy with the 'percentage stake' side of things, but what are the legal implications of being a director as opposed to a manager who is paid in proportion to company profits?

Thanks,
Alan.


ADI & Fleet Registered Trainer
Fleet Diploma
Find Driving Instructors and Schools @ ChoosyLearner
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03-10-08 23:12:08

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Re: Ltd company directors?




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#2 03-10-08 23:37:06

den676
Verified Member
From: Nottingham
Registered: 18-02-06
Posts: 463

Re: Ltd company directors?

It's getting pretty complicated these days

You really need to check out Companies House website

http://www.companieshouse.gov.uk/about/ … gba1.shtml

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#3 14-11-08 07:57:50

ExAdiNigel
Member
From: Plymouth, Devon
Registered: 13-12-04
Posts: 4,739

Re: Ltd company directors?

Talk to a good accountant.  If you don't have one pm me.

Nigel


National Standards Cycling Instructor, Ex Adi

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#4 21-11-08 20:05:01

codetyke
Verified Member
Registered: 05-07-07
Posts: 10
Website

Re: Ltd company directors?

It sounds like you may be mixing up 'director' and 'shareholder'.

A director runs the company (for the benefit of the shareholder(s)) and needn't be a shareholder.

A shareholder owns the company and needn't be a director.

They're totally separate roles. So does the chap want to be a shareholder, a director or both?

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#5 21-11-08 23:10:44

Zipper
Verified Member
From: Darwin, Northern Territory Aus
Registered: 20-08-04
Posts: 2,696
Website

Re: Ltd company directors?

I once worked for a large training organisation here in the NT (truck, car, bus, coach, earthmoving, crane, scaffolding etc) which expanded - the owner Geoff changed from manager to director and hired a manager to run the company for him.

I was first aware of a difference when I approached Geoff to report a problem with a truck, he pulled me up and told me not to hassle him with details as he was now a director, instead I should see the manager for day-to-day issues.

As far as I can tell, directors are not managers that is they don't control the company's day to day activities, instead they hold regular meetings (if there is more than one) to decide the company's direction.

E.g. in the company I worked for, the manager was a salaried employee and the directors (which included the owner's wife and an old army mate) were rarely seen.

The manager decided what to do with the faulty truck (repair, replace, write-off, blame on an employee etc) while the directors decided such things as whether the company should get into hiring out machinery or just stick to training drivers & operators like they were doing at present.

From what I understand the legal responsibilities differ between manager and director as well, the manager is responsible for such things as operational stuff-ups (e.g. training in an un-roadworthy vehicle) whereas the directors are responsible for the company violating things like company law & legislation etc (e.g. branching out into selling drugs).

I think if there were a real serious problems with the company, the directors are where the buck stops.

That's just my thoughts after working for one particular mob down here.
I have no idea where people such as company presidents fit in, that might be an American thing.


Zipper ("G'Day Mate!")
I'm not 65! I'm only $59.95+tax
www.drivingnt.com

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#6 22-11-08 00:18:51

scannermanh
Verified Member
Registered: 20-08-08
Posts: 206

Re: Ltd company directors?

Hi All
Went into this a few years ago so it may have changed but I understand
the situation to be this.
If you create a LTD company, the company is owned by the shareholders.
The shareholders appoint directors who run the strategic side of the company
they report to the shareholders.
In small companies, the major shareholder is normally the board chairman and decisions
are made by the number of voting shares each member has. Board members do not have
to be shareholders or have voting rights, but employed directors, these can be senior
managers or even people from outside the company who have stragegic skills.
The board then appoint managers, who then appoint staff required.
A manager who is made a director, may still be a manager but attends board of directors
meetings.
You have to think of the company as the employer not any individual, even any
shareholder if he/she is a director will be employed by the company.
One man bands who don't go LTD are normally refered to as sole traders
there are pros and cons, with regard to liability, to which you choose.
If you are a sole trader and take on a business partner, even with a minor share,
you become totally liable to all of each others debts, business and personal.
By becoming LTD you all become employees and any liability is taken by the company
which is limited by law, unless the company trades insolvently, if this is proved
then the directors become liable for the debts of the company.
I understand this to be true, but get advice from the professionals as there are
pifalls to this.


Scannermanh the Muppet
nils

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