Being made director of company -- implications ?

A

alexandra123

Registered User
Messages
281
Hello,

I have a query I am wondering if someone can advise.

I am in fulltime employment - with all taxes etc up to date.
I have been asked by a member of the family to become a director of a company at no cost to me. I will have a small percentage share in the business. The share is only paper based - ie I will get nothing from the company, no income of any kind.

Is their any tax implications that I should consider ?
What would I be liable for down the road if anything went wrong with the business ?

Thanks in advance
 
I am currently a director of a local community based ltd company, non profit, has charity status...,had no idea what it meant till the story broke locally that the ltd was up in high court for not following company law and the company was struck off. It took two years to get the affairs in order, all funding had been stopped. All the involved directors had or have retired now,, they had no idea of anything till they received court letters.
 
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