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If you run a company, are you still self-employed?

 
 
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foundThroughAdminSig
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PostPosted: Thu Sep 29, 2005 12:07 am    Post subject: If you run a company, are you still self-employed? Reply with quote

If you run a company, are you still self-employed? For example, suppose that you run your own business and employ 5 workers. Are you still self-employed?
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paul
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PostPosted: Thu Sep 29, 2005 12:19 am    Post subject: Reply with quote

Yes, why shouldn't you be...?

If it's your business, then who's employing you? Smile

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PostPosted: Thu Sep 29, 2005 12:21 am    Post subject: Reply with quote

So, is Bill Gates self-employed? ... I suppose so. Sound weird.
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PostPosted: Thu Sep 29, 2005 12:30 am    Post subject: Reply with quote

He doesn't own Microsoft exclusively, though, does he...? Other people have shares in the company so I think in his case he's actually paid by the company... someone correct me if I've got this wrong!

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PostPosted: Thu Sep 29, 2005 12:32 am    Post subject: Reply with quote

So, if you are the sole owner of the company, you're a self-employed then?
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PostPosted: Thu Sep 29, 2005 12:05 pm    Post subject: Reply with quote

foundThroughAdminSig wrote:
So, if you are the sole owner of the company, you're a self-employed then?


Maybe you are not looking at this right.

You can not be self employed and get paid by the company you are a director of. If you are a director then you must become employed by the company as the company is a thrid party entity in law. But in the eyes of financial companies you are self employed, as you own the company who are employing yuo, so you are in effect employing yourself via a thrid party. Phew! Smile
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PostPosted: Thu Sep 29, 2005 12:07 pm    Post subject: Reply with quote

So, technically speaking, only consultants/free lancers are self-employed?
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PostPosted: Thu Sep 29, 2005 5:52 pm    Post subject: Reply with quote

foundThroughAdminSig wrote:
So, technically speaking, only consultants/free lancers are self-employed?
Thats about it.
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PostPosted: Thu Oct 04, 2012 10:59 am    Post subject: Reply with quote

There seems some confusion here.

You are self Employed if you work for yourself, and not a company.

So you can employ a million people but if it is not a limited company, you are still Self employed.

However being self employed you are liable for all your debts, that is why people form Limited companies.

If you form a Limited Company you become a director (there needs to be two directors in a Limited Company) and you are then paid by the company, which for all intents and purposes has its own identity, same as a person.

The advantages with a limited company is your liabilites stop at the amount of money you put into the company, so if you invest 10,000 in a Limited Liability Company then you are only liable for that amount should the business fail.

PLCs are merely larger Limited companies. Bill Gates is a dirctor of Microsoft and gets paid by them, however his shares were worth a tad more than 10k lol.
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adigaskell
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PostPosted: Fri Oct 05, 2012 1:57 pm    Post subject: Reply with quote

2005. Now that's one heck of an old thread. Wonder how Jun is doing these days, not to mention Old Welsh Guy. Just realised Jun hasn't posted in like 4 years, and he still has more posts here than I do Embarassed
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PostPosted: Sun Oct 07, 2012 11:17 pm    Post subject: Reply with quote

John Ashtone wrote:
However being self employed you are liable for all your debts, that is why people form Limited companies.


That is one reason why some people form Ltd. companies. (There are other reasons.)

Not heard from either OWG or Jun in a long, long time...
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