Which trust would you recommend? Unit or discretionary?

Thanks heaps for all your replies Terry

I don't think I have been very clear in my babblings  Currently I have a Partnership, because of our depreciating assets we currently pay zero tax and I want to keep that advantage.

We also have come in contact with many people who have no conscience when it comes to ripping people off or pulling them down and therefore would also like to have the safest business structure possible to protect our assets.

I was advised to set up a Company to trade with and a Trust with all the assets in it. With the Company trading as itself but as trustee for the trust also.  I was told if someone Sues us we would be the sole directors of a company that owns nothing & they can’t sue the Trust because we are beneficiaries only, and beneficiaries cant be sued…

From your previous advice I have gathered it would be better to only have one Director, and also not to have the company as a trustee for the trust or this puts the assets at risk in the trust?  Did I understand that correctly??

And also that I can't use the depreciating assets in the trust to offset the income from the trading company.  Is this correct?

I was just wondering what would then be the best thing to set up for us to protect our assets while still taking advantage of the depreciating assets to offset our business income??

Thankyou very much

Thankyou very much…someone else also suggested this, would you agree???  Which structure do you think would best suit our needs,  or be best… Trade out of a trust – get all depreciation, tax breaks etc.. – all assets are in the trust

Have an empty shelf company as trustee of the trust – which does not trade

If you get sued they will go after the empty shelf company first – find out its empty and stop there.

Since we are the beneficiaries of the trust, we cannot get sued, and trust is a separate entity to us both, and almost impossible to sue…

Your advice is very helpful…