I did not want to hijack the other thread so have started a new one. We are wanting to start a new business and would like to know the best way to go about it. Have got some advice from a few people, some conflicting advice, but nevertheless. We are 3 people going into a new venture - my wife and I with a 3rd person. We all have our own businesses at present. My wife and the other guy has a pty ltd and I have an old cc. I am aware that I will have to change my cc to a pty ltd over the next 10 years.
We thought that we could buy a cc and be a T/A, but have subsequently been told you cannot do that, but now have been told that if I buy a shelf cc that is about 3 years old we can actually apply for a name change and or then be a T/A. Is this correct ? We would then convert it to a pty ltd over the next few years . I have a memo stating that if you convert over the next two years it is free of charge.
Secondly I would like to know about the members / shareholders - do you as a current business owner lose your business perks by being a member of another cc ? If you are a member of two business ie director of one and a member of a cc of another and the shit hits the fan, can they come after you in your other business ? Can my wife and I perhaps form a family trust and can the trust then be a member of the new formed business/cc ? How does this affect tax ? If the trust is a member of the cc are the members paid a normal salary at the normal tax rates ? If the cc declares a profit at the end of the year and the trust is paid dividends, will the tax be higher ??
If anyone can assist I would really appreciate it. Thanking you