There may be tax efficient ways for him to offer you to money.
If you set yourself up as a research company there may be tax breaks and grants available as well as means to accept the funding which is tax efficient for all concerned.
You both need to see tax experts in your respective jurisdictions.
There used to be a company set up in Dublin to promote starter businesses.
The CEO wanted to be able to accept donations in a tax efficient way.
He registered it as a research institute as opposed to a charity.
There was a tax break at the time for people who covenanted.
Three years was the covenant term and 50% the tax break.
The company had to product a learned report to qualify.
This is all going on memory from about two decades ago
so that is why I say seek expert advice.
This is all going on memory from about two decades ago so that is why I say seek expert advice.
There used to be a company set up in Dublin to promote starter businesses.
The CEO wanted to be able to accept donations in a tax efficient way. He registered it as a research institute as opposed to a charity.
There was a tax break at the time for people who covenanted.
Three years was the covenant term and 50% the tax break.
The company had to product a learned report to qualify.
Similarly there may be still grants available for start ups.
He asked himself the primary question - "who would know how to do this tax efficiently?"
After that he was guided to a knowledgeable person who advised him correctly.
This is the principle I am invoking - don't just assume one course of action.
Get advice on the best course of action.
BTW, the CEO asked the Revenue.
It cost him nothing.
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