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I want some advice on setting up a company, My boyfriend and…

Customer Question
I want some advice...

I want some advice on setting up a company

Lawyer's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

My boyfriend and I want to open a company, I will hold the director title and he will be an employee which I will pay him a wage, We will invoice his current employer and become a contractor

Lawyer's Assistant: Is there anything else the Expert should be aware of?

My boyfriend is in Bankruptcy which is why we want to set it up this way as he can't be a director of a company, I will basically do all the invoicing and book keeping and order the clothing for the contractee, but he of course will be doing most of the work and hours of 40 hours a week

Submitted: 11 months ago.Category: Australia Law
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Customer reply replied 11 months ago
We will be invoicing the company (his current employer) monthly for around 140k per year. We plan to use the 140k on business expenses, personal expenses and paying him and myself a wage. The company wont exactly make profits because we use all that money currently to live off.
We want to know if we are allowed to set this up this way, what are the risks, and will we be paying high tax or PSI tax?
Customer reply replied 11 months ago
This is in Australia right?
Customer reply replied 11 months ago
Or would setting the company up as a sole trader be a better and easier option ?
Answered in 9 hours by:
9/7/2017
Solicitor: Daniel, Solicitor replied 11 months ago
Daniel
Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 5,984
Experience: Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
Verified
Hello
Well the issue is, your not friend will be taxed as he is just an employee, it will attract a tax for his income.He iscan employee, not a company / business owner, well not on the books anyway.Otherwise, what you propose, buying anything else, writing stuff off, paying for most of your items so it runs at a loss works and is legal.My only suggestion is to pay him a low salary so not to attract too much tax and work a way to have you both benefit that way.Please click accept and rate my service (with the stars). I am able to answer further questions after doing so at no further cost
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Solicitor: Daniel, Solicitor replied 11 months ago

Hello
I note I have not received a response?
I wish to help you in this situation.

Please click accept / rate my service (WITH THE STARS). I am able to answer further questions after doing so at no further cost to you

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Customer reply replied 11 months ago
Hi there, I need further advice I don't feel it's answering my question yet
Solicitor: Daniel, Solicitor replied 11 months ago

Hello what further assistance do you need?

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Solicitor: Daniel, Solicitor replied 11 months ago

Hello
I note I have not received a response?
I wish to help you in this situation.

Ask Your Own Australia Law Question
Solicitor: Daniel, Solicitor replied 11 months ago

Hello
I note I have not received a response?
I wish to help you in this situation.

Ask Your Own Australia Law Question
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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