How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask tdlawyer Your Own Question
tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
73598664
Type Your Law Question Here...
tdlawyer is online now

I have just set up a limited company to work as a Property

Resolved Question:

I have just set up a limited company to work as a Property Agent. What legal and administrative steps do i need to take now? Do i purchase or can i obtain admin forms etc.
for my type of business?

Thank you.
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hello, welcome to the website. My name isXXXXX can assist you with this.

tdlawyer :

What kind of things will the business be involved with, buying and selling property or letting property?

Customer:

Hi Tony.

tdlawyer :

Hello.

Customer:

i will be offering property sourcing, homestyling, care plans to landlords and letting agents,

tdlawyer :

Okay, so you want to know what legal information from me about establishing this?

Customer:

yes please!

tdlawyer :

Well you need to notify HMRC of the employees you employ and/or the fact you don't employ any.

tdlawyer :

You need to set up your bank account and be able to accept/make payments.

Customer:

All legal requirements and admin advice.

tdlawyer :

You will need to register for VAT if you have turnover of over £79k. See this: http://www.hmrc.gov.uk/vat/forms-rates/rates/rates-thresholds.htm

tdlawyer :

You need to make sure on your stationary is your company's name, and number and registered office.

tdlawyer :

And to be honest, legally, thats pretty much all you need to do to start off with.

tdlawyer :

Have you never been a property agent before?

tdlawyer :

Have you considered a franchise?

tdlawyer :

It would mean you get provided with a brand name, all of the document you need to run your business, and would provide you with support on a continual basis.

Customer:

No tony,

Customer:

but i am passionate about it.

tdlawyer :

Would you consider a franchise?

tdlawyer :

It sounds like it would be a great idea for you.

Customer:

yes, but dismissed the idea after investigating it

tdlawyer :

Maybe you should explore different franchisors, and see what they have to offer you.

tdlawyer :

Its impossible for a lawyer to offer you advice on running a property agency business you see, as this is something that takes years to learn and isn't the type of thing you can ask in a Q&A forum like this.

tdlawyer :

If you took up a franchise, you'd have all the support you need and no prior knowledge is required.

tdlawyer :

It would be your own business still.

Customer:

It must be too late now i have set up a limited company?

tdlawyer :

Not at all. You can do it at any time.

tdlawyer :

It's worth you going to some franchising exhibitions: https://www.franchiseinfo.co.uk

tdlawyer :

One franchisor that does what you're looking at is Belvoir.

tdlawyer :

You've nothing to lose by speaking to them.

tdlawyer :

Is there anything you would like to ask me specifically about this?

Customer:

So you can be alimited company and still buy a franchise? did'nt read about that. i thought you bought

tdlawyer :

Yes, that's right, you can.

Customer:

your own business

tdlawyer :

In fact, most franchisors will insist that you be a company.

tdlawyer :

This is why I think you would benefit considerably by speaking to some franchisors and perhaps going to some franchising exhibitions. You can learn an awful lot as they do presentations and do workshops etc... Mostly too, they're free.

Customer:

Thanks for advice.

tdlawyer :

You're welcome.

tdlawyer :

Is there anything more I can help with?

tdlawyer and other Law Specialists are ready to help you