HI ALL
I AM ABOUT TO TAKE THE PLUNGE AND USE MY EQUITY AND INVEST, I HAVE A FRIEND WHO IS GOING TO GO IN WITH ME, MY QUESTION IS THIS (I AM GOING TO GET A LETTER DRAFTED AT THE SOLICITORS) SHOULD I MAKE A COMPANY, OR A BUSSINESS TO FINANCE OUR INVESTING OR SHOULD WE JUST REMAIN SEPERATE AND HAVE A CONTRACT DRAWN UP????????Hi Dragon,
Your requirements are going to be very much dictated by what your goals are. I’d suggest that you talk to a solicitor regarding your requirements and also your accountant. You need to be careful how you go about things. For example if you set up a certain type of trust/company, you may not be able to distribute losses (if you’re planning on negative gearing), etc etc.
If you’re concerned about a fallout between your friend and yourself, draft an agreement between you and have it looked over by a solicitor, that way you’ve got what you need in the letter, and let the solicitor worry about any legalities.
D.
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