CIMA MIP - wife joining business, non MIP

CIMA MIP - wife joining business, non MIP

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Hi,

I am currently the sole shareholder and director of my small practice and I am a CIMA MIP.

My wife is about to join me to work in the business. She is CIMA qualified but not an MIP and it may be tricky to get her MIP status at this stage with her mix of experience.

Does anyone know what the rules are on shareholdings / control / directorships etc. on this sort of thing?

I have tried asking CIMA this and they have been useless, pointing me to a random ethics guidelines booklet.

My assumption, which may be way way wrong was that as long as I had full control of the business then I would be ok being the only MIP - so for example I was considering splitting my shares into A and B shares with the same rights and me retaining 80% of the share capital and her 20%   , but by being different classes we could vote different levels of dividends which would be nice.

I could also make sure I am the only director and she is just a co sec if that helps.

If anyone has any experience with CIMA on this it would be great to hear from you.

thanks

RM

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By Barry Hawkins
01st Mar 2015 21:56

CIMA MIP

As a CIMA MIP I do not have any direct experience of this but I know of a good way of referring your question to a lot of fellow MIP's. Look me up on CIMA website and contact me direct and I will give you the details. 

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By Mikolaj
19th Mar 2015 21:22

Bringing the Mrs on board, a CIMA member too

As a CIMA MiP you should be aware that whilst you may trade as a limited company or even as an LLP, your MiP certificate is for you with your practice associated as per your MiP registration, Your practice is entitled to employ staff acting in any appropriate capacity working for you and under your control.

You can employ another CIMA member or someone with any other recognised accountancy qualification, but you should be the controlling practice principal (ultimate controlling party in the ltd) or controlling partner for an LLP practice.

I am an Fellow of CIMA, an experienced MiP and also a member of council.

I shall make representations for you next week at CIMA HQ in London, for their apparent lack of diligence and support in this matter. 

 

Kind regards

 

Nic Davison

Sunny Doncater

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