Thanks for all your help Terryw, I greatly appreciate it.

Thanks again! How would a discretionary trust look?  From what I've read that as an individual, I can't be the trustee and the beneficiary of a discretionary trust.  Is that right?Cheers,Steve

I might also mention that my business partner and I are both unmarried and with no dependents… From what I've read, the benefits of discretionary trusts are that you can distribute income within a family to avoid higher tax rates… Are there any other benefits?Cheers

Hi Terryw,Thanks so much for taking the time to reply.  Just to clarify further, we would have a company with the shares owned by separate discretionary trusts (I assume that we should both have our own), or that the shares are owned by one unit trust, with the units split between the two of us (but both owned by our discretionary trusts rather…[Read more]