Business structure and accounts

If you are planning to buy a rental home, or you're thinking about what to do with one you have just acquired, this is the place for any questions about starting out in the rentals business.
Cumbosibs
Posts: 2
Joined: Thu Jan 25, 2018 6:08 pm

Business structure and accounts

Post by Cumbosibs »

Our parents have left their four children a holiday bungalow which they only used for their own use. However have decided we would now like to rent it out to others but are unsure how to structure things between the four brothers and sisters. Has anyone got experience of this? Do we need to form a business partnership with a business account etc, or could we nominate one of us to handle the financial affairs? Thanks :roll:
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Moliere
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Joined: Thu Mar 08, 2007 10:45 pm
Location: Magalas, Languedoc

Post by Moliere »

There are many possibilities, depending on what you agree amongst yourelves. My instinct would be to seek professional advice from an accountant or a solicitor (or both) on the most beneficial structure. Such a meeting would not cost the earth and could save you a lot of difficulties, and indeed money, in the future.
Good luck in your new venture.

Moliere
Jumping is just dressage with speed-bumps.
zebedee
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Joined: Fri Sep 12, 2014 2:57 pm
Location: yorkshire dales

Post by zebedee »

I don’t think you can get better advice than what Moliere has said.

If nothing else, there are four of you and having an independent person to set out your options, risks, advantages etc and guide you through the decisions on how to structure and manage your venture is invaluable.

It may even avoid interpersonal tensions in the future which can so easily occur amongst siblings, no matter what your ages.
Cumbosibs
Posts: 2
Joined: Thu Jan 25, 2018 6:08 pm

Thank you

Post by Cumbosibs »

Thank you both for your comments. We will consider this.
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