Thank you for reply.
I am concerned about setting up another Ltd Co as that would mean twice as much in annual accountancy fees etc, especially when the property management side of things will never grow as that is something I am only doing for a small group of properties.
I suggested to keep it simple.. you don't have to form another LTD company from day one.. run it as a partnership/sole trader set up and only consider forming a LTD company once it is viable. At that point transfer the business into a LTD company
My understanding is that I cannot shut down the existing Ltd Co unless it is dissolved and by dissolving it will have a negative impact on me personally, is this correct? Otherwise I would have to keep it going and even if I cease trading, I would have to produce annual dormant accounts, is this correct?
Is it possible to set up the property management side of things under a different formation, eg Partnership and then change the Ltd Co to the new business or is that too complex as it would involve changing the Co name and Bank account? This would possibly reduce the admin costs for the future.
Leave property management set as a LTD company. If there is no activity, then consider making the company dormant rather than close/disolve it
If setting up another Ltd Co is the best way forward from your advice then I will pursue that route, however I thought I would investigate all options first.
Run your new business as a sole trader/ in partnership and only consider LTD company route once it is established.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.