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Ltd Company & Partnership

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  • 13-06-2016 5:16pm
    #1
    Jonny303
    Registered Users Posts: 633 ✭✭✭


    Hi,

    I have a Ltd company which I am the sole employee of. I am also involved with a partnership with my wife in a salon business.

    Is there any issues with me invoicing my salon business from my Ltd company for the services, book keeping and the likes?

    Regards,

    J


Comments

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    #2
    TitianGerm
    Registered Users Posts: 27,954 ✭✭✭✭TitianGerm


    Jonny303 wrote: »
    Hi,

    I have a Ltd company which I am the sole employee of. I am also involved with a partnership with my wife in a salon business.

    Is there any issues with me invoicing my salon business from my Ltd company for the services, book keeping and the likes?

    Regards,

    J

    I think you should be fine as long as the transactions are at arms length ie you charge the same amount with the same terms as you would to any other customer.

    Is your company a bookkeeping service?


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    #3
    Jonny303
    Registered Users Posts: 633 ✭✭✭Jonny303


    My company is a jack of all trades.

    I do some consulting, I do some trading and I do some book keeping for another company


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    #4
    TitianGerm
    Registered Users Posts: 27,954 ✭✭✭✭TitianGerm


    Jonny303 wrote: »
    My company is a jack of all trades.

    I do some consulting, I do some trading and I do some book keeping for another company

    As long as there is a term in your Memorandum or Articles you should be able to provide the service.

    I could be wrong and hopefully someone else can clarify but in one of the above there should be a line or lines which state Company X can provide Bookkeeping Services, Consulting Services and Management Services along with any other services which Are Deemed Necessary or Appropriate.

    Anybody else able to give a definite answer here?


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    #5
    DmanDmythDledge
    Registered Users Posts: 883 ✭✭✭DmanDmythDledge


    Depending on the classification of the company it may also be a required to declare related party transactions in the financial statements and that the transactions were at arm's length (as previously mentioned).


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