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limited company

tinkertailor started this topic @ 19:07 on 27/07/2004

I want to start a limited company with another person . What kind of legal obligations am I getting into . what kind of things could he 'default' on , and what are the legal implications and ramifications for me . In many senses , this is a zero risk venture , since I am investing no capital , unless of course there are ways I could end up in jail through another person's negligence !!

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RE: limited company

#196412

cjdchen | 28/07/2004 01:01 AM

Hi mate, I suggest you to read the following link: http://www.companieshouse.gov.uk/about/guidance.shtml especially the GBF1 Company Formation section. regards JC

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RE: limited company

#196413

Clementine | 28/07/2004 11:04 AM

If you both start a Ltd company and you are both Directors of that company then you both have a responsibility to run that company legally and properly. There are fines for filing paperwork late and all sorts of other things you need to make sure you do properly. In a worst case scenario I believe you can get into big trouble if you are seen to be negligent in the running of a company. I guess if you sat back and your other man got into all sorts of bother you could both be tarred with the same brush as you are both Directors of the company. Being a Director brings with it responsibility, not just a title. Clem.

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