Hey all,
A bit of a question for those in the know.
Myself and a few others are in the process of planning a convention which be occurring this year. Everything is planned out, and ready to go in alot of areas and we wanted certain aspects confirmed before we went through the trouble of setting up a company (no point in setting one up if we cant make it happen)
The venue itself will cost a fair bit and there will be other misc expenses such as tables, chairs, advertising etc. We will be providing alot of what is needed to make the convention ourselves and the selling of stalls will help cover costs as will ticket sales and in addition to this we will be looking at corporate sponsorship in return for advertising and our services for promotion.
We are not doing this to make a profit (and chances are we will only break even) we are doing this as it is something we want and alot of other people want. Any money we get personally will just be to reimburse our own money invested and any excess will be used to put down a deposit for next year and donate some to charity (if we make enough to cover costs).
My question is what way to set up so we are not stuck for paying excessive tax and make sure its all above board (employee/volunteer insurance and public liability). Is it worth doing a Ltd for a once a year event? Most of the displays are our own personal ones (tens of thousands in value each) and want to make sure that they remain our own and not the companies (so god forbid anything does happen that they cant be touched) I dont want to say what it is as of yet but any help is appreciated.
Thanks
A bit of a question for those in the know.
Myself and a few others are in the process of planning a convention which be occurring this year. Everything is planned out, and ready to go in alot of areas and we wanted certain aspects confirmed before we went through the trouble of setting up a company (no point in setting one up if we cant make it happen)
The venue itself will cost a fair bit and there will be other misc expenses such as tables, chairs, advertising etc. We will be providing alot of what is needed to make the convention ourselves and the selling of stalls will help cover costs as will ticket sales and in addition to this we will be looking at corporate sponsorship in return for advertising and our services for promotion.
We are not doing this to make a profit (and chances are we will only break even) we are doing this as it is something we want and alot of other people want. Any money we get personally will just be to reimburse our own money invested and any excess will be used to put down a deposit for next year and donate some to charity (if we make enough to cover costs).
My question is what way to set up so we are not stuck for paying excessive tax and make sure its all above board (employee/volunteer insurance and public liability). Is it worth doing a Ltd for a once a year event? Most of the displays are our own personal ones (tens of thousands in value each) and want to make sure that they remain our own and not the companies (so god forbid anything does happen that they cant be touched) I dont want to say what it is as of yet but any help is appreciated.
Thanks