Can shareholders work for free in their own ltd?

briex86
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Hello to everyone!

My partner and me have set up a ltd. Both of us are currently working as an employees in different companies. We would like to work for our own company during our free time but without receiving any salary.

I was thinking to get the compensation through the dividends if this was the case.

My partner is going to do some software development and I am going to do some bookkeeping.We have got 2 different sic codes.

I understand that if my partner was the director he would have to become self employed ?? Is this right?

Another thing ...is there any possibility to get a liability insurance for myself being only shareholder and working for free for my own company?  Must  the liability insurance be under my name? Or under the company name?

Thanks

Briara I.

 

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