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David Beecroft

  • Posts: 300
Limited Liability Partnership
« on: November 24, 2016, 08:39:19 am »
Hi Folks, I used to be an employer but because of the grief it brought I stopped and went back by myself for a few years. That changed when a close friend in the building trade was struggling to make a living, I was finding it hard to keep up with my work so I invited him to join me. I trained him up, gave him a list of customers and off he went, with my van and equipment, on a generous commission basis (in his favor) for one day a week. However now after several years he's doing 2.5 days a week and I'm so busy I've just taken on another friend for a day a week and I find myself in a Gray area for HMRC rules. https://www.gov.uk/employment-status/selfemployed-contractor.
I don't want to register as an employer, the extra time/red tape & costs involved would mean I couldn't be so generous with them. Having looked long and hard and having a brief interview with a solicitor I have concluded that a "limited liability partnership" may be the best way forward. Does anyone have any experience with this arrangement.?


JSMC

  • Posts: 3511
Re: Limited Liability Partnership
« Reply #2 on: November 24, 2016, 12:59:24 pm »
All of it is a headache. I dunno which way i want my business to go. I would love to employ but everyone i know with a business says do not do it.

David Beecroft

  • Posts: 300
Re: Limited Liability Partnership
« Reply #3 on: November 24, 2016, 01:18:31 pm »
Yes Headache is the word. ???

David Beecroft

  • Posts: 300
Re: Limited Liability Partnership
« Reply #4 on: November 25, 2016, 07:52:50 am »
So can I take it that nobody on this Forum is using this business structure?  ???

LBWCS

  • Posts: 650
Re: Limited Liability Partnership
« Reply #5 on: November 25, 2016, 06:21:44 pm »
No but it's an interesting idea. I don't want to employ either, I take it you've looked into being ltd? As you say, better to pass the profit to the workers

David Beecroft

  • Posts: 300
Re: Limited Liability Partnership
« Reply #6 on: November 26, 2016, 09:16:11 pm »
I've had a look at becoming Ltd and I haven't dismissed it completely yet but I'm trying to avoid having to register again as an employer because of all the hassle.
I'm still investigating and getting some contradictory answers from different sources.
HMRC don't make life easy.

ascjim

Re: Limited Liability Partnership
« Reply #7 on: November 27, 2016, 06:20:24 pm »
All of it is a headache. I dunno which way i want my business to go. I would love to employ but everyone i know with a business says do not do it.

Employing is not as bad as everyone thinks., its the best thing I ever did, now I have freedom and I don't need to go out to work.

It's really helpful at the moment. I'm spending 1 week a month in Spain and still getting paid the same. My mother in law has had a brain tumor removed and isn't doing very well. My partner is over there looking after her.

Employing is the only way I can go over and spend time with her.

It has its benifits.

Ian101

  • Posts: 7889
Re: Limited Liability Partnership
« Reply #8 on: November 28, 2016, 08:21:40 am »
All of it is a headache. I dunno which way i want my business to go. I would love to employ but everyone i know with a business says do not do it.

Employing is not as bad as everyone thinks., its the best thing I ever did, now I have freedom and I don't need to go out to work.

It's really helpful at the moment. I'm spending 1 week a month in Spain and still getting paid the same. My mother in law has had a brain tumor removed and isn't doing very well. My partner is over there looking after her.

Employing is the only way I can go over and spend time with her.

It has its benifits.

you have a business and not a self employed "job"

ascjim

Re: Limited Liability Partnership
« Reply #9 on: November 28, 2016, 09:11:00 am »
I was working on my own like everyone else. I was technically self employed up to 2 months ago. We have only just gone limited because of the tax saving.

When taking people on give then a 6 monthly probation period. If they are not good, get rid. You will find someone great that will work your arse off for you, then it getting easier after the first.

Also, foreigners are the best workers, they will brake their back for you, but they will be gone when we leave the E.U.