New member from Redhill

[afsredhill]

Hi everyone

My name is Peter Warman. I have an Independent Garage in Redhill Surrey, and have been a sole trader for 25 years. We have just become a Ltd company this year

As part of our business we run an online forum with over 700 members

I found this site in a web search while looking for information on paying yourself wages from a Ltd company

I hope i will be able to pass on some of my business experience, but also learn from others

many thanks

Peter
ukautotalk.com
afsredhill.co.uk

[flastate]

Peter, I'm in the US and just began managing my son's new corporation. I have many questions. Is an Ltd equivalent to a corporation in the US or is it more like a limited liability corporation, please explain to me.

Donna

[afsredhill]

Hi Donna

Yes it is a Limited Liability Company, where as before i was self employed and i could withdraw funds as needed, i now have to pay myself a monthly wage. Before i was liable for any debts should the company fail, now my liability is only £1:00, providing i have traded within the law. Another reason for me becoming a Ltd company was that i own the freehold on my workshop and property, i am now able to sell this to my company, once the tax is paid on the sale price (all in one go) i can then withdraw the money with no further tax burden on that money

I will help where i can, but i am also new to running a Limited Liability Company

Peter

[MikeH]

Hi Peter and welcome to the forum. I have a little experience with LTD's as you will note from my signature. If I can help just ask.

Mike.