buying a business

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BolshieBastard replied

20 August 2012, 13:24
Originally posted by ozz View Post

hi all im looking to buy a business (removal and storage)but want to buy it through my current business the **** LTD (CARPENTRY) using company funds and to be owned by **** ltd, i think there is nothing unusual about this but how do i go about banking as i want to keep cash separate, thanks in advance for any advise,ozz

<admin note>Company name removed</admin note>

There's absolutely no issue with this. One company 'buys' another all the time.

Banking is simple, you just have two company bank accounts under the one name ie one in the name of your old company and one for the newly acquired company. Banks are used to setting up more than one account for the same company. You should get different sets of staionery ie paying in books, cheque books etc.

Accountancy isnt difficult either especially if you use a package like Sage (although Sage itself is a bit tulipe).

I used to have a franchise that ran alongside my contracting business. I used the same ltd company for both. Didnt cause the accountant any problems either (mind, they are very good!).
Leave a comment:
MarillionFan replied

17 August 2012, 08:10
I set up a number of shops through my LTD company a number of years back. Basically it caused me to have to have two seperate entries in my accounts, one for retail, one for contracting. To be honest it became a bit of a balls ache, so I moved it to Ltd for Contracting, Self Employed for Retail. One was a set of Ltd accounts, the 2nd was on my self assessment.
Leave a comment:
Lockhouse replied

17 August 2012, 08:05
You'll get lots of conflicting advice on here but my advice is to ask your accountant. He will advise you on the best way of setting up as he will know your individual circumstances.
Leave a comment:
ozz started a topic buying a business

16 August 2012, 19:47
buying a business

hi all im looking to buy a business (removal and storage)but want to buy it through my current business the **** LTD (CARPENTRY) using company funds and to be owned by **** ltd, i think there is nothing unusual about this but how do i go about banking as i want to keep cash separate, thanks in advance for any advise,ozz

<admin note>Company name removed</admin note>
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