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CASH PAYMENTS-LIMITED COMPANY

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Yikes. I wish you the best of luck. But if I were you I would scrap that agreement, pay your pal back, then start out on your own. Is it preference shares?

A 19 year old starting up a window cleaning business, shouldn't be paying anyone dividents. It doesn't cost too much to start up, and finding work can be done with a bit of leg work. It maybe too much debt to be burdened with. Your pal might be the only one benifiting from your graft.

 
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Tyler.saward said:
I thank you for the concern but I have stuccoed business studies for 3 years at a level 3 diploma of business just not as in depth as an Uni degree which would give you to have knowledge to run a business with it without seeking support, I’m very good friends with the person who helped set it all all and he is part of the company until whenever and if it goes off and I can buy him out which we’ve agreed on in writing but until then he is part of it with shares which is why it’s LTd in case we go bust or debt ect as ltd is it own identity. I hope this clear things up

I’ve clarified in comments above just posted ?

Yes basically that’s correct just to protect us both really there advantages and disadvantages I know that but I’m working with what I’ve got just need answer to those questions and I’ll be all good to go really ??
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I have a Business Studies degree and still have no idea of how to run a window cleaning business!

 
laddergarder said:
Yikes. I wish you the best of luck. But if I were you I would scrap that agreement, pay your pal back, then start out on your own. Is it preference shares?

A 19 year old starting up a window cleaning business, shouldn't be paying anyone dividents. It doesn't cost too much to start up, and finding work can be done with a bit of leg work. It maybe too much debt to be burdened with. Your pal might be the only one benifiting from your graft.
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Agree with this also, 

he has screwed himself over for eternity IMHO, trouble is these days some newbies want nice shiny vans a fully kitted out van, could have come on here last year asked advice and got away with a backpack and a clx pole to see how things go and wouldn't have been saddled with debt. 

@Tyler.saward a business degree is nothing in the real world, which with respect is why you have been sown up in a Ltd company and are finding building a business is far more of a struggle in the real world than it is in a text book, common sense and experience is a far far greater a thing in business also coming on here and getting a much better idea of the industry. 

Hopefully you don't feel you are taking too much off a bashing, keep on here read as much as you can and ask as many questions as needed, as we will all chip in with advice, good or bad ?

 
When I done the gas course the owner of the training facility told us an interesting fact. The folk that paid for the course themselves never missed a day and worked late and were totally focused. The ones who got it paid for themselves didn't seem to bother about the course and weren't very motivated. We noticed this right away with a guy who's parents paid for him to be there and caused a lot of trouble. ?

 
To the origional poster. Look at it like this. Say you borrowed 10k. You pay back 1k intrest only dividend for the next 10 years, then have the option to buy your shares back at 10k after all that. That 2k less your going to be making for yourself for the next 10 years. All that nice new equipement which I am assuming you've purchased won't last forever either. You need to set money aside to replace those more expensive systems.

I could spent 20k on a brand new van and gear, branding etc. But I am one guy, I wouldn't make any more or less money than if I spent 1/4 of that.

I started with £30 of trad gear from homebase and borrowed my misses car. That all I needed to get going. After that, it was money earned, that got everything else I needed.

My van and gear, uniforms, multimedia, website etc all in costs maybe 8k for what I use myself, but if I was starting out from scratch I wouldn't spend anything near that. Dont have more than you can afford to replace in short.

Positive cashflow is important, no more important that having the best gear.

I really do wish you luck, I know you've probably been scared of from posting, but give it some thought, honestly.

 
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Is it a franchise he’s bought into this young lad?  Do you think? 
I've never known anything like it. I think @Tyler.saward it all seems a bit strange. Buy yourself a little book. Or create a spreadsheet system.  So everything stays in one place. Get a box, I like the useful boxes. Keep a record of income and expenses in the book. Get 12 envelopes and label them into the months. Place the relevant receipts into the envelopes. Keep your book work and banking correctly. So at the end of the tax year it’s easy for your accountant to complete your tax return. 

 
Hi all sorry been out today working, so the agreement with the guy is not what I’m worried about I’ve got that all sorted and if anything I’ve benefited out of it as I’ve got a vehicle to use and a business to make money I trust the guy 100% he’s extremely close to me just wanted the separate liability just in case cause he’s obviously involved in this firm aswell so I appreciate all the comments about being LTD and to not do it but it’s going to stay Ltd for now and I’ll just overcome the hurdles when I’ve gotta jump them, I literally just needed those quest answered and It’ll put my mind at rest cause I’m sure Google’s getting sick of me asking the same thing worded differently lol ?

 
Tyler.saward said:
anyone know the threshold for a new limited company for paying tax or do you start paying straight away? 20% if I’m right? 
 

lastly once the moneys in the bank how do I go about withdrawing this money as I understand you can’t just transfer it to a personal account if I’m right 
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You pay tax on all of your net profits but it's about 9 months after the end of your financial year.

You have to take any money out as a wage and to do this you will, or your accountant, supply HMRC via an approved app.

 

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