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Alright so for tax purposes the company sucks. However the partnership will be between my father 2 friends and myself and i think the biggest issue is asset protection and the unlimited liability. Any recommendations or passing comments?
yeh ur right i reread it and its only for active assets which does not include property for investment and im assuming evn if the main premise of the business is to invest it still wouldn't count.
Im thinking the company idea is starting to suck. With a trust and you want to pay out some money to the person with the lowest tax threshold is it simply a journal entry and then the cash can go to anyone within the trust or is there something illegal going on here?
ahhhhh i didn't think of the stamp duty on the transfer- good thinking. Ok so that idea is out. Secondly with the CGT, from what I have researched small business' receive a 50% reuction much like if you sold it personally. To be a small business is to-
Have a gross revenue less than 2mil
And be conducting a business.Im sure there would be some way to apply an investing company in a way that would satisfy the 50% reduction?
thanks again
