Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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If carnoisseurcraig had a decent accountant then you could have got away without paying most of your debts unless you had signed personal guarantees on loans etc, again which a decent accountant would'nt advise unless there was no other choice.
I have 2 companies set up with I run bookeeping and wages services. Nothing major as I am employed full time as an accountant but they make somewhere near £20k on top of my salary.
[Edited on 14-02-2006 by Melville]
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Melville
Member
Registered: 4th Jun 03
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by chr15barn3s
Ive always understood that ltd means you have a seperate legal identity from the business. But tbh im not 100 % clued up on this 
only to a certain degree, thats why most people think aslong as they make it a Ltd company they can do as they wish and get away with it, and normally end up with a nasty shock!
I have dealt with many clients who have shafted many a creditor. Were talking £50k+ providing it is set up right. There is a moral issue of course which I personally dont agree with but I get paid well to give the best advice I can to the client so it comes with the position I suppose.
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carnoisseurcraig
Member
Registered: 4th Jun 03
Location: Inverness
User status: Offline
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Well this is the thing now. Was he doing his job. Its water under the bridge now. But if you are going into business with someone. Make sure everything is above board and legal. I had goods ordered to the value of 50k. cleared the stock room and left the country. Its not a nice feeling i can assure you when you have worked 7 days a week for 2 years to see your dream go down the tubes and you pay the price for it.
onwards and upwards. I work for Honda now so its not all bad.
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nik
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Registered: 19th Jun 00
User status: Offline
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Sell performance cars and retro/modernist furniture. Websites below, looking to sell Maxsportmotors as I don't have time to run both properly. Furniture is good source of income, cars obviously has good times (spring/summer) and harder times over winter.
http://www.maxsportmotors.co.uk & http://www.retrosixty.co.uk
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Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
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Ive had my own buisness and been self employed for the last 5 years. Mainly working as an agent on behalf of companies selling their products or promoting thier buisness. Also had a garage buisness on the side which was good fun but didnt have the time to do it properly, so now a mate that i started it with owns and runs that.
recently i was working as a consultant for a large international company. Helping get a new product launched. was only going to be there 6 months until it was up and running but i was offered a job there as an employee about 4 months ago. going from being your own boss to employed is a bit strange, but ive made over 50k in the last 8 months there and its a lot less hassle that working for yourself!
Without having my own buisness and being self employed i would probably be doing the same type of job but for a LOT less money. My advice to anyone is to have a go at doing your own buisness, but it aint easy and make sure you have something to fall back on incase it doesnt go to plan.
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1_Litre_Porsche_Beater
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Registered: 9th Apr 02
Location: Kent
User status: Offline
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both pretty impressive nik, how old are you if you don't mind me asking?
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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i need inspiration for this. used to be very hard working always looking to make extra cash, now i am just getting lazy 
am skint tho 
it buisness seems to be doing well just now
i couldnt really start my own buisness in my trade as my dad has his own architects and developers companys so id be in competition and would need to buy my own computer etc etc
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nik
Member
Registered: 19th Jun 00
User status: Offline
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quote:
Originally posted by 1_Litre_Porsche_Beater
both pretty impressive nik, how old are you if you don't mind me asking?
Cheers, 24 soon 
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Siberia
Member
Registered: 9th Oct 03
Location: Leprechaun Land Drives : Zafira GSI
User status: Offline
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i have an idea at the moment... need a bit of cash to get it going though...i'm just shit scared of risk.. thats my main problem..
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gianluigi
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Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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I always though Limited Liabiltiy was pretty safe bet. Like you only liable for the amount you invested in the company. so that your house, car and personal belongings are protected.
perhaps i've been teached wrong 
i might email my business teacher and ask.
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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Nik, have you put much business through maxsports books?! I'd imagine with my shite credit rating i'm not going to get chance to do any of this for a while yet. Boss is currently setting up his own research agency so might see what I can learn off him and may get into research consultancy in 5+ years
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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quote:
Originally posted by gianluigi
I always though Limited Liabiltiy was pretty safe bet. Like you only liable for the amount you invested in the company. so that your house, car and personal belongings are protected.
perhaps i've been teached wrong
i might email my business teacher and ask.
Yeh thats LLP luigi. If you're company is LLP you and the partners of the business are not liable for any debts that the business my incur (sp).
I think thats right anyway, I cant remember much from my brief venture into studying law
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antscorsa
Member
Registered: 11th Aug 02
Location: london
User status: Offline
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nik id lvoe to do what you do with the furniture buisness, how did you get into it?
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nik
Member
Registered: 19th Jun 00
User status: Offline
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Tom - Have sold a few cars, it really does come in waves though. Have had 3 serious enquiries in last week to bring over cars totally £40k+
Ants - My Dad is a well known art dealer so it kind of went from there. Bought a few bits of furniture when I bought my house, gradually became clued up and took it from there. Still learning, it's a difficult trade because you can never know everything! Is good fun though and very interesting. Hoping to get a shop in the not too distant future and really push it.
R.E Maxsportmotors, if anyone has some ideas feel free to PM. Swaying towards selling the business though to concentrate full time on RetroSixty
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by chr15barn3s
What type of business do you run jodi and venom?
Industrial Fire Protection and Property Development/Land Buying and Build.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by VenomTurbo
quote:
Originally posted by chr15barn3s
What type of business do you run jodi and venom?
Industrial Fire Protection and Property Development/Land Buying and Build.
do you work or just manage/run them with others working?
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by Cosmo
quote:
Originally posted by VenomTurbo
quote:
Originally posted by chr15barn3s
What type of business do you run jodi and venom?
Industrial Fire Protection and Property Development/Land Buying and Build.
do you work or just manage/run them with others working?
If you were to give me a technical name, I would be the Managing Director.
I get on the tools if I'm needed, if not I'll find something to do with myself, but I like to be active and enjoy getting stuck in.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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I have a few ideas which I believe could work out. But what I want to do is go into business as an Industrial Product Desinger, which is conveniently what degree course I am doing
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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quote:
Originally posted by VenomTurbo
quote:
Originally posted by chr15barn3s
What type of business do you run jodi and venom?
Industrial Fire Protection and Property Development/Land Buying and Build.
Me and Dad have been thinking about getting into this. Just talk at the moment but I would certainly be willing to give it a go.
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MarkW
Member
Registered: 19th Mar 04
Location: Orpington, Kent
User status: Offline
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I had business, was director at 17, all went wrong with a shit business partner who pull 10k+ from the company and silly me propped it up. so along with other things i now have 8k debt which is great.
business was doing ok, had some good customers could have gone somewhere good
back working for a company now been in IT Support / network engineer (trainee network) for 4 months now and love it - kinda a step back but better to be in work, even if wage is a little low, am gonna work my way up and become qualified ccna, ccnp etc
[Edited on 15-02-2006 by MarkW]
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carnoisseurcraig
Member
Registered: 4th Jun 03
Location: Inverness
User status: Offline
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quote:
Originally posted by Jamie Walby
quote:
Originally posted by gianluigi
I always though Limited Liabiltiy was pretty safe bet. Like you only liable for the amount you invested in the company. so that your house, car and personal belongings are protected.
perhaps i've been teached wrong
i might email my business teacher and ask.
Yeh thats LLP luigi. If you're company is LLP you and the partners of the business are not liable for any debts that the business my incur (sp).
I think thats right anyway, I cant remember much from my brief venture into studying law
if only this was true mate. yes the theory behind it is right. Yes i was a limited company and some creditors got wiped but a creditor who has retention of title over goods you have purchased from them9To have retention of title you need to sign a contract saying that this is ok) which was part of the deal i arranged with this creditor then if the company cannot come up with the cash they then come to you.
As my business partner bought loads of stuff and cleared out the shop i was left with the bill. I was only liable for the overdraft which i signed a personal guarentee for and the creditor with retention of title. Still it was enough dosh to make me bankrupt. Was a good going business as well. fucking tosser. I tell ya if i ever find the cunt...... 
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steve101
Member
Registered: 25th Oct 04
Location: Kilmarnock, Ayrshire, Scotland
User status: Offline
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Started thinking about going into the IT business late 2004 (was only turned 18, so very limited support). I couldn't manage to even get things started on my own, as it was just too time consuming.
Web Design, with several other branches were planned as I'd had good experience here, but all got postponed.
This thread is making me want to start it up again, but unsure where to go, what to do and again no help really.
http://www.ifinnovations.co.uk/index2.php was the original site (nothing works there except the home page as it never got completed at all). will give it a lot of thought anyway.
Anyone thats interested in helping, let me know (any good talent out there? Wont take much to be better than me lol!)
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by steve101
Started thinking about going into the IT business late 2004 (was only turned 18, so very limited support). I couldn't manage to even get things started on my own, as it was just too time consuming.
Web Design, with several other branches were planned as I'd had good experience here, but all got postponed.
This thread is making me want to start it up again, but unsure where to go, what to do and again no help really.
http://www.ifinnovations.co.uk/index2.php was the original site (nothing works there except the home page as it never got completed at all). will give it a lot of thought anyway.
Anyone thats interested in helping, let me know (any good talent out there? Wont take much to be better than me lol!)
Start small is the easiest way for you. Make a site and offer cheap design to local companies to build up a portfolio. Then gradually start advertising and go on from there. Its a very easy business to get into as all you need is a computer + hosting. Then its just time and effort to go around getting work.
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by Jamie Walby
quote:
Originally posted by VenomTurbo
quote:
Originally posted by chr15barn3s
What type of business do you run jodi and venom?
Industrial Fire Protection and Property Development/Land Buying and Build.
Me and Dad have been thinking about getting into this. Just talk at the moment but I would certainly be willing to give it a go.
My brother and my dad recently have just finished their joint venture, bought half an acre of outlined planning land for 55k, built a timber framed 5 bedroom house for another 70k with a decent garden area, sold it for 345k, split the profit and will put it towards a bigger project. It's just having the ability to live with risk.
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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^^^ this is what i am going to do my dad is a builder/architect/developer already so if i can get a mortgage to buy the land and do all drawings and pay fees myself, i will be laughing
hard bit is getting a good plot of land at a sensibile price these days
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