We've just had an offer accepted to purchase the assets of an unincorporated hair salon. We've instructed a solicitor and accountant but I wanted to sense check before registering the company and I'd welcome any and all advice!?!
We've decided to setup a new limited company both for personal protection and tax purposes. I'm a higher rate tax payer (£50k) and my wife is lower rate but due to finish work in September (she's preggers with our second :-)
We'll be doing roughly 50/50 work in terms of marketing, bookkeeping etc. as there's a salon manager in situ. I don't plan on drawing income from the business as we've no need. We're hopeful of achieving a net profit of circa £15-20k per annum.
I'm assuming the best structure would be two have both of us as directors for day-to-day practical purposes (banking, buying stock, expenses etc.) with my wife 100% shareholder so we can pay her a salary and dividends into her account.
Does this sound reasonable?
Thanks in advance for your thoughts