Thanks for reading.

My blog is only intended to provide general information. You’re best off speaking to a lawyer/accountant about individual circumstances, especially ones as serious as that.

Money spent on a lawyer/accountant at this stage of the process will be money well spent.

Thanks very much for a really well written article. Very helpful.

Before I go to meet with my accountant/lawyer I’d appreciate your take on what I’m trying to achieve.

I have setup a unit trust with a couple of others to build online business solutions and we are looking to take on a developer for a specific project on a profit share basis. We’re keen to retain management control whilst shielding him from any financial liability (especially capital and to a lesser extent sweat equity). Is this the kind of arrangement for which a Limited Partnership is designed?

Any advice you can offer before we start the clock ticking in 6 minute billable hours would be greatly appreciated.

Regards,
Jesse.

Thanks for reading. As for your questions:

1. Tough question. It depends on the complexity, and whether you need the services of an accountant, lawyer, etc.
2. Same as above. Best to speak to an accountant about that.
3. Again, in your particular circumstances, it would be best to discuss this with a lawyer/accountant as soon as you can. The above article is only meant as a general guide.

Thank you for the information. I too have a questions for you if you wouldnt mind answering.
I am looking at doing some contract work from home and set up as a partnership with my husband. One question is roughly how much does it cost to set up a partnership, 2. Roughly how much would it cost to get a tax return done for the partnership. 3. My husband works full time… Are we able to set the partnership up at 90% for me and 10% for him for tax purposes?

TIA
Nicole

That’s potentially a complicated area – so it’s probably worthwhile for you to have a chat with an accountant or lawyer.

Additionally, a free consultation with an adviser from your local Business Enterprise Centre might help too – http://www.becaustralia.org.au/

Hope that helps.

Is it possible to set up a partnership if one of the partners lives outside of Australia and is not an Australian?

Judi

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Great! Glad to hear it has helped. :) Thank you for your feedback.