Paying for contributions to project

Discussion in 'Growing and Managing a Business' started by moomoo, Mar 31, 2014.

  1. moomoo

    moomoo
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    Hi there,

    We're based in the UK, and we began a project in July last year which was completed in September. We decided to release it and form a company (we formed the company in October).

    How can I pay everyone for the work carried out, in a legal manner? We had no intention of selling our project when we started out, and we were also not set up as a company. I want to pay everyone for their contribution! The money we made would allow for everyone to be paid the correct amount, according to their hours and above minimum wage. They worked on the project for 16 hours per week, for 8 weeks. They are also all shareholders in the company.

    I've begun writing out a backdated fixed term contract for all those involved, but I'm unsure if this is the correct or best way to carry this out.

    Any help appreciated!

    Kind regards
     

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