Hi All,
Long time stalker - first time poster.
I am investigating alternative structures for a proposed business venture. My accountant has strongly recommended a trust structure over a partnership or sole trader - mainly for liability reasons.
Is it practicable to administer a trust without involving your accountant?
From what I can determine the requirements for a "simple" trust are not that much more arduous than a personnel tax return ? and I managed to do my own returns for many years.
The entity would have negligible income for several years, but would have operating and capital expenses that would result in loses to be carried forward.
I would want to get professional legal assistance in the initial setup of the structure.
Once the venture is (hopefully) successful in several years I would look at outsourcing the accounting effort so the administrative expense would grow in line with the company.
I would appreciate feedback from any others with similar experiences.
Long time stalker - first time poster.
I am investigating alternative structures for a proposed business venture. My accountant has strongly recommended a trust structure over a partnership or sole trader - mainly for liability reasons.
Is it practicable to administer a trust without involving your accountant?
From what I can determine the requirements for a "simple" trust are not that much more arduous than a personnel tax return ? and I managed to do my own returns for many years.
The entity would have negligible income for several years, but would have operating and capital expenses that would result in loses to be carried forward.
I would want to get professional legal assistance in the initial setup of the structure.
Once the venture is (hopefully) successful in several years I would look at outsourcing the accounting effort so the administrative expense would grow in line with the company.
I would appreciate feedback from any others with similar experiences.