Question about becoming a company owner/shareholder

Kmagic · 27-07-2019 07:08PM #1

I dont know if these are the right questions but here it goes.

A friend of mine is being taken on as an owner/director of a limited company as the current two owners are looking to retire in 2 years and 5 years respectively. From what he said they are talking about generating shares for him him and then over the coming years restructuring the company so it's his.

They are long time family friends so he does not feel like they are out to "do him".

He is worried about capital gains tax, other taxes and fees. He also doesn't even know what the right questions are to ask to make sure he knows what he is getting in to.

What kind of financial advisor covers this? Is there any online resources he can look at? Any government agencies he can get advice from?

As I say, we dont know what we dont know so any advice is appreciated.

nuac · 27-07-2019 08:51PM

Mod
You need a solicitor with business experience along with an accountant to advise on accounts filed to date and related matters.
Leaving open for general discussion subject to forum rule on legal advice

davindub · 28-07-2019 11:20AM

Chartered accountant/ tax advisor to calculate/ advise on:
- Capital Acquisitions Tax liability
- Stamp Duty
- General advice on company directors responsibilities, CRO procedures, extracting cash from the company, ongoing tax and other legal issues.

There are reliefs on CAT for example, so hence you need professional advice.

Question about becoming a company owner/shareholder

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