We have been approached by an LLP.
Currently there is an split of 60/40 voting rights/equity profit share as drawn up in the members agreement.
is it possible however to put one of the members on a PAYE salary. So that they receive the PAYE income and then a share of the profits/loss which has been reduced by the PAYE salary?
If so would the members agreement need amending for such?
Currently based on extractions one member is going to have an overdrawn account so we are trying to forward plan.
Also telephone expenses - like with a limited company do they need to be in the llp name or can they be in the individual members names and recharged back?
Thanks in advance