Shaz shares great content from one of his Property Proficiency workshops and explains how to get started in property and on the journey to financial freedom.
He focuses on business structure and the questions you need to ask yourself to make sure you build the right structure for you.
If you want to accomplish your goals and get it right, from the start, this is the episode for you.
KEY TAKEAWAYS
Property helps you obtain real financial independence
It’s important to have the right strategies if you want to succeed
Before finalising your structure you need to ask; Is it legal? Is it effective? Is it acceptable to you and HMRC?
Limited liability partnership, partnership, sole trader and limited company are all options
You need to think about liability, tax, accountancy costs, statutory regulations and bringing people in.
As a sole trader or partnership, you are responsible for the debts
Making sure you have a partnership agreement is critical
You are not personally liable for any debts in a limited liability partnership business
An LLP is transparent for tax purposes
If you have given a personal guarantee you are responsible
A limited company pays its own tax and corporation tax
Any information sent to companies house can be seen by anyone
Directors are responsible for the management of the company but the shareholders own the business
When bringing in new people you need to get the article of association right and have a shareholders agreement
BEST MOMENTS
‘Growing up I was fascinated by property’
‘Currently, I have property projects in the millions and teach others how to avoid the ‘mistakes I made’
‘I found the right structure for building a property business’
VALUABLE RESOURCES
shaz@aaa-accountants.co.uk
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
Facebook
YouTube.
