Hi i am in the process of purchasing a existng business which has sound profits and turnover etc, waitng for final accounts before making decision. If i am to purchase this business should i set up a discretionary family trading trust with a corporate trustee. As i want to protect my assets etc.
HI there
not sure if you are hinting that you should take over an existing structure for the business – if you are – the answer is you should set up your own structure for your business which protects your assets, which can be via a discretionary trust with a corporate trustee.The main thing is to get informed advice as the trust should hold assets that need to be protected and your business should be separated from those assets. Do you have an accountant who is assisting you with consideration of the business accounts? – if so perhaps you should raise the issue of structure with them now – as you need to nominate the correct party to be the buyer of the business.
thanks
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