We are using a discretionary trust to invest into property and shares with my wife being the sole director of the trustee company.
My two Brothers and myself are about to start a business with the three of us each quitting our jobs to become employees of our company within the next six months.
I was thinking to start a new Discretionary trust with myself being the director of the trustee company to own my third of the new company with my two brothers.
Am I on the right track or is this over the top and overcomplicating things?
Should I stick with the one trust to hold my third of the new business as well as the property and shares?Any help would be much appreciated.
Thanks.You are on the right track. I would always keep investments seperate from business. If the business fails the creditors may may chase your investments for payment if in the same structure.
What sort of business?
If you want to have a chat about possibilities, e-mail me.CATA
Asset Protection Specialist
[email protected]Yes, I agree with CATA, best to keep things separate. But if you have your business run thru a company, then the one trust could probably own those shares as well as the properties. Shareholders of a company are not at risk of being sued – but I know Cata may disagree with this. Best to seek legal advice.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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