What Are The Risks.

[dairy queen]

Hi all,

I've got a question. I earn money from an internet business and I think it's time to get legal and set up a company. The business now makes a respectable amount of money - anywhere from $3-$6k per month. (Wish the $US was not so horribly weak though). It's a 'one man band' business and I don't need employees. I'm thinking about the limited partnership structure with my wife. N.B. We've been together for 7 years and married for over 1.

I'm not too savvy on business structures so I'd like to know what are the risks of this structure. By the way, I trust my wife completely and she is definitely not with me for my money as she has much more than me. So, please can we not make this into a "she'll run away with your money" thread.

What risks are there with a limited partnership? If I trust my wife what other things make this structure any riskier than a limited company. I also want to get a work permit for what it's worth.

Thanks for your help on this guys.

[Sunbelt Asia]

Hi all,

I've got a question. I earn money from an internet business and I think it's time to get legal and set up a company. The business now makes a respectable amount of money - anywhere from $3-$6k per month. (Wish the $US was not so horribly weak though). It's a 'one man band' business and I don't need employees. I'm thinking about the limited partnership structure with my wife. N.B. We've been together for 7 years and married for over 1.

I'm not too savvy on business structures so I'd like to know what are the risks of this structure. By the way, I trust my wife completely and she is definitely not with me for my money as she has much more than me. So, please can we not make this into a "she'll run away with your money" thread.

What risks are there with a limited partnership? If I trust my wife what other things make this structure any riskier than a limited company. I also want to get a work permit for what it's worth.

Thanks for your help on this guys.

She will have unlimited liability while you will have limited liability ( limited to the amount of investment in the company ) Unless you get involved with the day to day operations as a manager than you will have unlimited liability as well.

You cannot be a signing Director on the bank account

You will have to pay cash for your portion of the paid up capital.

You will have less voting rights.

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