Hi all,
I know I should be seeking advice from an accountant/lawyer etc, but for what it's worth, may I please get some guidance from you lot?
My mate and I are looking to start a new business in the hospitality industry. We both work Full Time (in the corporate sector), and this business is more of a side-business.
We see potential in this and there's a gap in the market for this, though, we don't see ourselves committing ridiculous hours into this business.
We are both young, only 20 years old. First time stepping into this side of the business world so it's certainly a bit daunting.
What questions can I answer for you all that will help me determine if a Partnership, or a Company structure is most suitable for us.
Thanks in advance all!
Unistudent1
Check with an accountant :)
However a company / pty ltd structure with both of you as share holders would be more flexible down the track (for example bringing in more shareholders, fund raising, or selling your/his share, etc). It also allows you to retain profit within the company. Costs a bit more though to maintain.