Always Learning
Registered User
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- 142
Hi All,
Myself and a friend are going to get into buying, renovating and selling on houses. I'll give a summary of the situation.
- We identify a property and purchase it. The first one will be 120 - 125K
- I will fund the purchase
- My friend will renovate and arrange grants
- We sell the property, aiming for 175 - 180K on this one.
- We divide the profits according to a pre-agreed split
My question is, what's the best way to do this? Just buy it in my name and pay my friend from the profits? Setup a Ltd. company / partnership etc.? At the moment, I'm only concerned with getting advice on doing it in the most tax efficient manner and how to extract the most money from the situation. I realise there are other considerations (insurance liability for example), however, for the sake of this query I'm only looking for advice on the best structure to maximise profit and enable me to share the profit with my partner.
Any advice in very much appreciated.
Regards,
AL
Myself and a friend are going to get into buying, renovating and selling on houses. I'll give a summary of the situation.
- We identify a property and purchase it. The first one will be 120 - 125K
- I will fund the purchase
- My friend will renovate and arrange grants
- We sell the property, aiming for 175 - 180K on this one.
- We divide the profits according to a pre-agreed split
My question is, what's the best way to do this? Just buy it in my name and pay my friend from the profits? Setup a Ltd. company / partnership etc.? At the moment, I'm only concerned with getting advice on doing it in the most tax efficient manner and how to extract the most money from the situation. I realise there are other considerations (insurance liability for example), however, for the sake of this query I'm only looking for advice on the best structure to maximise profit and enable me to share the profit with my partner.
Any advice in very much appreciated.
Regards,
AL