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Sole Prop vs LLC - Separating a partnership.

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  1. #11

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,323
    Quote Originally Posted by Sage:
    Thanks Katherine, that's helpful. When you say Neat is low cost, how much are you talking?

    I just spoke to HSBC and their costs are as follows: Account application (payable whether your application is successful or not - grrr) $1,400, although as an existing premier customer that's cut to $700.

    No monthly fees (providing the balance stays over $50,000), but a long list of fees for specialists services that I'm guessing she wouldn't need....
    Neat was free. Then they gave me 50 USD for watching a zoom seminar.
    Sage likes this.

  2. #12

    Join Date
    Jul 2006
    Posts
    3,886

    Update:


    One of the biggest concerns when doing this was being able to sponsor the transfer of visa for her one employee to her new business entity, that has now been approved by immigration.

    So she has now split her partnership (not formal legal partnership, but contractual arrangement) and used her sole-pro entity to re-employee the one staff she has.

    The sol pro was not the main trading entity for her business (the vast majority of the modest revenue went through the partnership business that employed her 1 staff) and thus the sole pro, whilst 4 yrs old, had a very very small trading footprint - doesn't even have a business bank account.

    So great that we've been able to get immigration to play ball. (I spent a lot of time carefully building the case to present to them).

    shri and CatcherBiz like this.