Hi all,
I have a full time job and earning around 100K+ and currently paying a lot of tax as I have no investment. I am planning to buy a taxi plate so analysing first, if it will be any useful.
I am planning to start this business with a partner who is a taxi driver and who will be contributing a share to the purchase price of the plate ($420K+). I have few questions in this regard
1. Is it best for us to start a company first, so that we can avoid GST and have a partnership defined, so that both of our share in the company is clear.
2. I need to take personal loan, will having company (from 1) be a problem for the loan Vs sole properitor.
3. What institutions shall we approach for this loan, we dont own any property, just around 150K+ cash and my fulltime job, will it be feasible to secure a loan for 270K+.
4. Can I claim tax benefits from my full time job (100K+) against the expenses incurred in my taxi company.
I have a full time job and earning around 100K+ and currently paying a lot of tax as I have no investment. I am planning to buy a taxi plate so analysing first, if it will be any useful.
I am planning to start this business with a partner who is a taxi driver and who will be contributing a share to the purchase price of the plate ($420K+). I have few questions in this regard
1. Is it best for us to start a company first, so that we can avoid GST and have a partnership defined, so that both of our share in the company is clear.
2. I need to take personal loan, will having company (from 1) be a problem for the loan Vs sole properitor.
3. What institutions shall we approach for this loan, we dont own any property, just around 150K+ cash and my fulltime job, will it be feasible to secure a loan for 270K+.
4. Can I claim tax benefits from my full time job (100K+) against the expenses incurred in my taxi company.