I already have a Ltd partnership that has been trading for a year as a cafe / bar but I now wish to also buy land and build apartments for rent.

My accountant/lawyer tells me that I should be setting up a new Ltd company to handle the new project and leave the old Ltd company as is.

I felt that it would be better to incorporate the new operation into the existing company.

Can anyone offer me some advise regarding the correct way forward?

I also have a good friend who has opted to buy land under his wifes name with a 30 year lease back to him. Is this a good idea or should I continue with the Ltd company?

Many thanks.

If you had a limited company rather than a limited partnership, I would say use the old company.

However with a limited partnership you have no control by being a minor shareholder and no way to control your investment. A zillion times better to form a new limited company on a preferred/ordinary share basis and be the managing director.

www.sunbeltasia.com

My preference would be to have two separate limited liability companies. One for the cafe/bar and one for the realestate business. That way if one goes south or you wish to sell one, you still have the other one.

My preference would be to have two separate limited liability companies.  One for the cafe/bar and one for the realestate business.  That way if one goes south or you wish to sell one, you still have the other one.

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He makes a good point.

If you had a limited company rather than a limited partnership, I would say use the old company.

However with a limited partnership you have no control by being a minor shareholder and no way to control your investment. A zillion times better to form a new limited company on a preferred/ordinary share basis and be the managing director. 

www.sunbeltasia.com

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One further question:

Would it be easy to change my Ltd Partnership to a Ltd Company for the Cafe/Bar?

If you had a limited company rather than a limited partnership, I would say use the old company.

However with a limited partnership you have no control by being a minor shareholder and no way to control your investment. A zillion times better to form a new limited company on a preferred/ordinary share basis and be the managing director. 

www.sunbeltasia.com

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One further question:

Would it be easy to change my Ltd Partnership to a Ltd Company for the Cafe/Bar?

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I exactly have the same question.Is an existing limited partnership can be upgraded to a limited company?or We do have to cancel the existing limited partnership and form a new limited company?

Would it be easy to change my Ltd Partnership to a Ltd Company for the Cafe/Bar?

Sorry no. The only way is to form a new limited company,acquire the assets of the Limited partnership by a asset purchase agreement and then close the Limited Partnership down.

www.sunbeltasia.com

Would it be easy to change my Ltd Partnership to a Ltd Company for the Cafe/Bar?

Sorry no. The only way is to form a new limited company,acquire the assets of the Limited partnership by a asset purchase agreement and then close the Limited Partnership down.

www.sunbeltasia.com

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Many thanks for your help...