You might also want to watch: Sole Trader Explained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-XyLN-YB8G1E.html Limited Liability Company Explained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-kKE_JKVfPA0.html
Wow you really know heaps about starting a business, great tips especially for me. I know heaps about forestry but not much about the business side of it. good learning from your videos
There is one business structure not mentioned here, a limited partnership. Can you please give a summary of what a limited partnership is? Under what circumstances would you choose a limited partnership?
A limited partnership mean that each partner's liability is limited to the amount of their initial investment. This would need to be carefully covered within the partnership agreement. It is worth remembering that any personal guarantees for leases, loans etc, would still apply.
@global Investor Just finishing the filming of a "what is an LLC and how does it work?" video and will have it edited and ready to drop Thursday this week around 4.00pm NZ time. I am also in the middle of producing a separate video about reserving and registering an LLC company name, and that should follow the following week, if that is of interest.
@@PeterNola Excellent! I'm looking forward to it, I can really use as many videos that touch base around the LLC so the next video about securing a name would be amazing. If you can could you do a video on a business plan? Cause at the moment I am just jotting down ideas from other RU-vid videos but the only problem with that is most of them are US based and all they talk about is USA markets. But I'll be waiting for the video drop on Thursday. Thank you!
Thanks for the video. As it's 3 years old, are there any important changes about these company structures that we should be aware of? Also keen to know your tips for good business and contracts lawyers (for small business starting with low budgets if you have them). Thanks again! Super helpful. Liked and subscribed.
Thanks for the sub, and the kind words. No, the structures are essentially the same. You could try Lisa at finance-law.co.nz/ or Duncan at www.lojo.co.nz. They would be able to tell you of any changes. Both are commercial lawyers that clients of mine have used in the past. Tell them I sent you.
Thanks @@PeterNola. Another question - does a partnership agreement need to be drafted by a lawyer, or is that just for safety? Can we do it ourselves?
@@Kjelemani Yes, its for safety. Sure, you can do it yourself and save a few $$. But will it be solid enough when things go wrong? I always use a lawyer to draft legal documents. I dropped a vid on partnership agreements earlier this week and I have one dropping this Monday evening on the different types of partnerships in NZ. Have a look at them both, they might help
You could try Lisa at www.meyerlaw.co.nz or Duncan at wwwlojo.co.nz. Both are commercial lawyers that clients of mine have used in the past. Tell them I sent you..
