- InfiniteMember@infiniteJoin Date: 2004Post Count: 28
I set up a trust with a company trustee for investment purposes and recently have begun to use the trustee company for business as well. My accountant said I should have started a new company but i decided to do this to save some $$$.
I am wondering that if for some reason my company was to be sued (in business) then would it affect my assets in my trust? Would my assets be at risk even though the company is not a beneficiary (only a trustee)???TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Trading companies go under all the time. What if one of your major clients went bust owing you thousands? The company may not be able to pay its bills and may go under.
Even though the company’s other assets are held in trust, they may still be at risk.
Maybe better to spend another $1000 to set up a new company just to be sure. The new compay’s shares could be owned by the existing trust.
Discover Home Loans
Sign up to my mailing list.
Just send me a blank email, with â€œsubscribeâ€ in subject line.cataParticipant@cataJoin Date: 2005Post Count: 559