M
mcdanish
Guest
My siblings and I have been offered an opportunity to start up a business. It is proposed that a Service Station property be transferred into our joint ownership split four ways. Approximately 100k is required to get the business reopened. This includes about 30/35k to complete renovations and 70k working capital.
My querys are that as all four of us are PAYE workers, what is the best way to structure this business? Ltd Co./ Is sole trader possible with four individuals?/Unlimited company?
Also regarding getting finance would the property as security be enough to secure the finance from a bank or would we collectively be required to contribute personally?
Are we best approaching banks collectively or individually?Would prefer not to have to put personnel savings into business.
Advice greatly appreciated.
My querys are that as all four of us are PAYE workers, what is the best way to structure this business? Ltd Co./ Is sole trader possible with four individuals?/Unlimited company?
Also regarding getting finance would the property as security be enough to secure the finance from a bank or would we collectively be required to contribute personally?
Are we best approaching banks collectively or individually?Would prefer not to have to put personnel savings into business.
Advice greatly appreciated.