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Offered business partnership but in Trust Deed
skintscotsman
Posts: 671 Forumite
Hello All,
Over the past year or so I have been volunteering my spare time to a website that covers the topic of my hobbies (don't want to let out actual name/topic as it is very niche and i could be identified very, very quickly
).
Anyway, to cut a long story short, the website is on the cusp of making profits. Right now, it is my colleague who owns the company (it is ltd at the minute but won't be after next week), and he has sunk a fair few £££s into its development.
In the past, all I have said to him is that I cannot afford to give £££ to the site but I am more than happy to give the hours. And this has been the arrangement for the past year or so - I thoroughly enjoy what I do with the website, I get to meet people who I have a lot of respect for and see a lot of things for free I wouldn't normally get the opportunity to do.
So, becuase I had put in so many hours into the site's development, the owner said he would like me to become a partner in the partnership once the ltd company is wound up. This would mean that I am part of a profit-share. Any prfits that come our way, I would get part of them.
I must also add that there are no liabilities involved with either the ltd company or the partnership. It has been my colleagues wages from his full-tinme job that has fnded the development of the copmpany (it is a very snmall operation!)
Anyway, I entered a Trust Deed and it becmae protected just over a month ago.
I was looking throigh my Trust Deed paperwork and advice, and it actualyl doesn't say anywhere that I cannot be the director of a company. And besdies, it tends to be Director of a Limited Company...this company will be a prtnership and losing its limited status when I become formally involved.
So, my question is:
- will my Trust Deed prevent me from becoming a partner in this partnership?
Over the past year or so I have been volunteering my spare time to a website that covers the topic of my hobbies (don't want to let out actual name/topic as it is very niche and i could be identified very, very quickly
).Anyway, to cut a long story short, the website is on the cusp of making profits. Right now, it is my colleague who owns the company (it is ltd at the minute but won't be after next week), and he has sunk a fair few £££s into its development.
In the past, all I have said to him is that I cannot afford to give £££ to the site but I am more than happy to give the hours. And this has been the arrangement for the past year or so - I thoroughly enjoy what I do with the website, I get to meet people who I have a lot of respect for and see a lot of things for free I wouldn't normally get the opportunity to do.
So, becuase I had put in so many hours into the site's development, the owner said he would like me to become a partner in the partnership once the ltd company is wound up. This would mean that I am part of a profit-share. Any prfits that come our way, I would get part of them.
I must also add that there are no liabilities involved with either the ltd company or the partnership. It has been my colleagues wages from his full-tinme job that has fnded the development of the copmpany (it is a very snmall operation!)
Anyway, I entered a Trust Deed and it becmae protected just over a month ago.
I was looking throigh my Trust Deed paperwork and advice, and it actualyl doesn't say anywhere that I cannot be the director of a company. And besdies, it tends to be Director of a Limited Company...this company will be a prtnership and losing its limited status when I become formally involved.
So, my question is:
- will my Trust Deed prevent me from becoming a partner in this partnership?
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.
0
Comments
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anyone????A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.0
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hello??????A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.0
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Sorry mate, I don't know. But it does seem kinda quiet round here today. Hopefully someone will be along shortly. LennyThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Would love to help but I have absolutely no idea what the answer is. You need somebody who is a lot more knowledgeable about financial and business matters.
Is this the right thread to be posting a question like this? You might get a better response elsewhere.
MM0 -
you've all been a great help
/sarcasmA banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.0
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