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That's great, thanks for the link Frito, I'll give a good read. Yes, the competition/conflict thing is a concern, but not an insurmountable one. Especially if we wait until he decides to officially tell us he is wanting to sell. As far as I'm concerned, once he tells me he is selling up...

Thanks Sanj, I will absolutely be sitting down with Terry or the like to get things fine tuned before we go too far. I agree with both you and Lizzie, but it is very business/industry dependent. My line of work relies on the people doing the actual job. There is little in the way of assets...

Thanks guys, at least for the moment I now know there are mechanisms for achieving what we want to do. Next step is to formulate a business plan, get all the costings together for outlay and amass some cash buffer. Time frame at the moment will be around 12 months from now. I'll be looking...

Thanks Aaron. Sounds like it starts to get complicated then? As in, I'd have my own company that owns my software, then I'd be a 50% owner director of the trading company, of which my own company is also a shareholder? Does my company need to be a shareholder at all? Can my company that...

Thanks Nat. Makes sense. No way we could start up and keep working for current employer as most of our current employers clients would follow us! The projects are always fast tracked and full on, it'll be full on from day one once we start up. Cheers.

Thanks Terry. Seems the sole trader plus trading company may be the easiest way to go. Cheers.

Thanks Terry. Re. Trust for purchase of assets, is it possible to claim the costs of those assets as a tax deduction when in a trust that's separate from the trading company? Yes, the software can be used for a third party, but used by us for that third party. In essence, the third party...

Thanks Aaron, forgot all about indemnity insurance.

Structuring a new business. Hi all, just wondering if anyone on here is savvy when it comes to small business structures? When the time comes, I'll be happy to sit down formally (i.e. commercially) with someone to set it all up correctly and will need an accountant too, (any...