The matter isn't as simple as that Mike. Some inspectors go after any limited company ownership scenario, on the basis that it was not set up to make money. The main defence would be either (a) all pilots being [part] owners, and/or (b) none of the directors having any access to the aircraft. PM me Mike if you would like more details.
I think having the company owned and controlled by an unrelated (and non-flying) persons (you need two at least) would be a great idea. Not a family member though, IMHO.