complicated business move?!

[AndyP]

Hi, I wonder if you guys could help me. I currently run a retail store as a sole trader, but I've got plans!

I'm emigrating with my family and little un, but want to employ someone to run it for me (yes I trust them completely!). I also want to raise some capital by selling a part of it, maybe 20%, so I was thinking of setting up a Ltd company and then having "it" buy my shop. I could then sell shares.

But, I don't really know what I'm doing, so hopefully you can point me in the right direction!

Many thanks
Andy

[oraclesmith]

What's that got to do with IT contracting?

[ChimpMaster]

Andy

All due respect - you need to get an accountant, who'll probably charge a few hundred $ but at least you'll get the right advise.

Congrats on deciding to get an employee - many sole retailers can't seem to let go (I have a friend who can't... ).

There are many ways to raise capital. I'm sure you could set up a partnership without the need for a Ltd company. You could even just lease the whole shop out and save yourself and hassle if you wanted, kind of like collecting rent. You could re-mortgage some of the business through a bank. etc etc but an accountant is best to advise...

[Lockhouse]

I don't know much about your business but once you go down the Ltd company route you can forget about flexibility - you are tying yourself up with a whole set of rules and regulations you don't need to. Take professional advice, I bet there's an easier way of doing what you want. if it was me there's no way I'd incorporate. As I said though I don't know much about your business or more properly I just don't know much.