Savings for a group of people

GeorgeHowell

A private company limited by guarantee is probably the easiest and cheapest way. It needs a solicitor, and probably an accountant too because some sort of published accounts will be required in order to comply with the Companies Act. However for small outfits accounting and auditing requirements are not too onerous these days. The company can decide who can manage its bank accounts and can arrange a banking mandate requiring two or more signatories for any transfers or disbursements.

mamos

I have spoken to a solicitor today and she said I need to speak to an accountant to organise setting up a company.

Would it be a good idea to appoint the accountant as company secretary and have them in charge of all financial transaction?

MsHoarder

It seems simpler to wait until you have sufficient money between you before setting up a company. Once you have then accounts will need to be submitted and the accountant would have to be paid. If you can't as a group find someone to do a spreadsheet working out how much money you each have now, and update it until you have enough as a group to go forward, then you will have more problems once you own the land.