F
FND Property
New Member
Hi All
Following the successful renovation of 6 properties (mortgages on all) I have now created a consortium with 2 friends to start our own limited company to buy properties for cash, renovate & sell them for a profit.
I've got a meeting with an accountant on Wed this week but have a few questions before then.
I have a couple of questions around the business set up / structure & bank account I was hoping that some of you may be able to assist with:
Following the successful renovation of 6 properties (mortgages on all) I have now created a consortium with 2 friends to start our own limited company to buy properties for cash, renovate & sell them for a profit.
I've got a meeting with an accountant on Wed this week but have a few questions before then.
I have a couple of questions around the business set up / structure & bank account I was hoping that some of you may be able to assist with:
- Although we are all friends it would be good to have a safety mechanism in place when withdrawing funds without the consent of the other 2 directors. How do I get around this, i.e. have a restriction on the bank account to ensure that all 3 directors are present in the event of any withdrawal?.
- Do you recommend any particular bank account / current account / business account for this, i.e. one that offers some interest whilst the money is sitting in the account in between properties & also allows us to pay contractors invoices etc.
- Does anyone have a property development template for a memorandum of association?.