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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11695
Experience:  30 years as a practising solicitor.
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I own a business which is currently registered in Scotland

Customer Question

Hi,
I own a business which is currently registered in Scotland as a limited company and mainly was set up to service the oil and gas industry in the UK. But recently I have been thinking about diversifying the business model to include what would be classed as the other end of the spectrum to include a resource for financial traders to trade the financial market. This comes with years of experience investing in the financial markets. My query is whether it is illegal in any way for me to link the latter business model to the oil and gas company as a subsidiary and receive payments made for information provided to subscribers in the same bank account registered with the oil and gas business or do I need to set it up as a totally different business with a separate bank account for accounting purposes? Please your timely response will be highly regarded. Thanks
Submitted: 2 years ago.
Category: Scots Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
There is no reason in principal why one company cannot have more than one type of business. The only thing that might prevent it happening in practice would be the Articles of Association of the existing company. Articles of Association are the company's constitution and objects and there will be a copy with the company file.
What you have to do is read the Articles of your company and, if necessary, change them, by resolution, to cover the new business venture.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.