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Sole Trader to Partnership

Sinead_Hanley · 2018-02-05 10:04:29

I have 2 guys setting up a small Car Service Business One is ready to work in the business but the 2nd Guy isn't prepared atm as he has full time employment elsewhere. He plans to become involved later when more capital is required to purchase machinery etc They don't see that the 2nd guy will become involved for at least…

05-02-2018 10:04am

#1

Sinead_Hanley

Registered Users, Registered Users 2 Posts: 16 ✭

Join Date: June 2010

Posts: 11

I have 2 guys setting up a small Car Service Business

One is ready to work in the business but the 2nd Guy isn't prepared atm as he has full time employment elsewhere. He plans to become involved later when more capital is required to purchase machinery etc They don't see that the 2nd guy will become involved for at least a year

Therefore, at the moment it is a sole trader but envisaged after a year or so it may become a partnership

Should I register the business as a sole trader and change to partnership after a year?
or Should I register now from the beginning as Partnership?

Issue: Essentially, one partner will not be getting any % of profits or any income in the beginning

Suggestions, experience and advise would be appreciated

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