Hi, i am looking for advise in relation to becoming a company director.
Short history of company. the owner opened up a new showroom in 2014 in my area and when i returned from maternity leave in Jan this year the owner wife and financial controller with in the company said they wanted to close the showroom as they want to open a state of the art facility where the company if from and need to save money.
I received my p45 and necessary paper work.
But the man thats also in the showroom wants to take on the business. and see can we make a go of it.
We work very well together and an meet the monthly target and that does cover the running cost, wages, rates,phone, lighting , heating etc.
But as he wants to set up a proper limited company there is to be two names i was told on the paper work.
One part wants me to do this but i do not know what are the disadvantages.
I have always been an employee. so i have my PRSI etc paid. like now that i have recieved my redundancy. i am able to get Social welfare payment till i am back working and my mortgage is protected so that is also paid on a monthly Basic. all so important to me.
So if i go and sign the paper work and be down as a director, is there such a thing as being a silent partner/director and still and employee and have no share or money invested. its only so the company can be set up correctly and do correct account etc. I have to decide this very quickly.
I would be on A class PRSI also, also 2 children and were not married but he also seen as self employed as Farmer. so it's the over all effect it might have on me and us as a family.
Any advise and comments would be greatly appreciated.
Short history of company. the owner opened up a new showroom in 2014 in my area and when i returned from maternity leave in Jan this year the owner wife and financial controller with in the company said they wanted to close the showroom as they want to open a state of the art facility where the company if from and need to save money.
I received my p45 and necessary paper work.
But the man thats also in the showroom wants to take on the business. and see can we make a go of it.
We work very well together and an meet the monthly target and that does cover the running cost, wages, rates,phone, lighting , heating etc.
But as he wants to set up a proper limited company there is to be two names i was told on the paper work.
One part wants me to do this but i do not know what are the disadvantages.
I have always been an employee. so i have my PRSI etc paid. like now that i have recieved my redundancy. i am able to get Social welfare payment till i am back working and my mortgage is protected so that is also paid on a monthly Basic. all so important to me.
So if i go and sign the paper work and be down as a director, is there such a thing as being a silent partner/director and still and employee and have no share or money invested. its only so the company can be set up correctly and do correct account etc. I have to decide this very quickly.
I would be on A class PRSI also, also 2 children and were not married but he also seen as self employed as Farmer. so it's the over all effect it might have on me and us as a family.
Any advise and comments would be greatly appreciated.