Pty Ltd Companies
Use of proprietary limited companies by contractors
As a result of stringent income tax rules it is very difficult
for contractors to run businesses on a self-employed basis: either
as sole traders or partners. Most contractors therefore have to
operate through limited companies. You can quickly buy an
off-the-shelf limited company from an accountancy firm, but you may
end up with a company called Nerd and Co. Forming a company with a
name of your choice takes a little longer.
Your company needs one director (you) and someone else to act as
company secretary. Since this role is fairly limited, most
contractors usually appoint family or spouses to this role. Your
company's business address will usually be your home, but its legal
address will be your account's office (i.e. where the company is
registered).
Invoices should be sent to the agency you work with in your
company name and will be paid directly into your company bank
account.
Disclaimer: This
information is of a general nature and is not to be construed as
financial advise. All facts contained therein represent the
understanding of these matters by Infopeople as at the publishing
date of this web site.
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Contractor Time Sheets
Infopeople contractor time sheets etc.
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About Contracting
Just a few considerations for new and existing contractors
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