You might also want to watch: Sole Trader Explained: th-cam.com/video/XyLN-YB8G1E/w-d-xo.html Sole Trader or Limited Co or Partnership: th-cam.com/video/eM2QIxSl7Lw/w-d-xo.html
That's a valuable set of explanations. Thank you Peter ! Thumb up. Would you please make a video on the Family Trusts ? It's a topic that many people mention but never explain... You mention it in this video and I would love to know more about how to combine concretely an LLC and a Family Trust and what are the real tax tricks here. Thanks a lot !
Glad you like the video. Thanks for having a look. Sure, I can do that. It'l take a bit of time to produce. I will need to do some research as its not a subject that I come across regularly. Im neither a lawyer nor an accountant, so I would suggest you speak to both for detailed advice. In short, you can have your Trust own an LLC. The most obvious reason is to protect your assets, (maybe family home etc) should the LLC fail. The rules will obviously be different from place to place, and depending on your individual circumstances. One size wont fit all, hence my suggestion for specialist advice.
Thank you, your advice was clear and precise. I will be setting up an l.l.c very soon so your info really helps me to be informed about what i am going to get my self into, thak you for your video
I don't why this is not a big channel more young people needa hear no good I'm only learning about it now big ups to you bro keep it up inspirational stuff 💯
Thanku👍Just what I needed to know right now, decisions; What category; Sole trader, or Limited Liability Company & Whom🤔 Lawyer, Accountant thanku🙏 Starting my own business and goin to reserve name🤗Grateful for yr Knowledge sharing💜💯Awesum💜🙏
Hi Peter thanks for that! I had a question, when I register an LLC , do I register the Company name as "Really Cool Company" , or "Really Cool Company Limited" (ie with Limited as a word explicitly part of the name) ? I'd hate to accidentally wind up with my company that has to be referred to as "Really Cool Company Limited Limited".
You're probably aware that any NZ company must have the word Limited or the abbreviation Ltd at the end, so register it accordingly. This is to differentiate from a trading name etc. If in doubt, check the New Zealand Companies Act of 1993. You can be "Really Cool Company Limited" trading as "Really Cool Company".
You can certainly do the setup on line with no issues. I always believe that you need to be sure of getting right advice at the beginning especially when it comes to tax etc. Therefore, the tax implications, GST and how you will run the business should definitely be discussed with an accountant.
Hi Peter, where can I find details of laws that a LLC company needs to comply with for a specific business.. and what license does a business need to operate that Buisness in nz. Thank you.
Rules around companies are in the Companies Act, see link in the description. Licence would depend on what the business does, and where it does it. ie Liquor Licence, late opening licence, gambling licence etc. Check with the local council about the type of business you are operating in their area and their licence requirements.
This isnt a simple answer as it will depend on the loan documents, supply agreements etc that have been signed. In other words the source of the debt and security. This is where a specialist accountant or lawyer should be consulted to give you direct advise as to your situation. If you have borrowed as the company only then it is likely that you will be liable to the value of your share capital. There are some exceptions like ensuring the share capital is paid up etc. However, if you have signed loan documents/supply agreements as a guarantor of the company or provided personal security etc, then you are probably liable. If in doubt, get advice from a professional. Getting this wrong can mess up your business for a long time.
Hey Peter, Nice video.👍 I do have a question for you. Can I register and protect my business name as a sole trader? Do I use the same process that would be used in setting up a limited liability company?
Protection comes from using the name and establishing a presence in the market, this is the sole trader method, or via a Limited Co and/or trade marking the name. Talk to a trade marks specialist lawyer for advice on what is best for your name. I had a business that had a long history, and some-one else started up using the same name. I had no recourse as the other business was in a different industry and wasnt seen as being in competition with me, hence my comment about legal advice.
Hi Peter, I've just read the comment below regarding some tax accountants in Auckland. I would like some professional help to set up an LLC, do you happen to know of any reputable accountants in Wellington? Thanks, James
@@reneejones5675 Are talking NZBN number or registering a company? Your NZBN number is a rego number for your business/sole trader etc and can be done anytime, even after you start trading. The LLC registration will be when you register your company and is used for GST, income tax etc.
I have big plans , that I know will blow up I just need help to understand all this stuff I'm currently stuck on trademark check & register my trademark ??🤔 i am full of great ideas but don't know where to start .I need help without big words please
My son has been offered contract work in Europe and they want to pay to a company. Is it best if he sets up an LLC and invoices them from the company? I know there will be lots to learn in terms of tax and how much he then pays himself from the company, then there is the GST minefield. Really sounds like he needs someone to take him through it all. What sort of accountant should he be looking for? Cheers
A good tax accountant will be fine. The LLC will also give tax deductions, GST claims etc, so its not a bad thing. When you pick an accountant, interview them. Ask questions about why and how. Dont take them on face value, make sure you understand exactly what they will do and how it will benefit (or not) you. Talk to a few and then make a choice. Its no different from hiring staff. Advisers are your staff, so make sure you're happy with them before you jump in. If you are in Auckland, I can suggest a couple to talk to
Hi, You can be a director of a company and be based overseas. Sorry, I am not knowledgably on immigration as its not something I deal with regularly. I suggest you do a google search and find a consultant based in New Zealand as they should be up to date on the current regulations.
You might also want to watch:
Sole Trader Explained: th-cam.com/video/XyLN-YB8G1E/w-d-xo.html
Sole Trader or Limited Co or Partnership: th-cam.com/video/eM2QIxSl7Lw/w-d-xo.html
That's a valuable set of explanations. Thank you Peter ! Thumb up. Would you please make a video on the Family Trusts ? It's a topic that many people mention but never explain... You mention it in this video and I would love to know more about how to combine concretely an LLC and a Family Trust and what are the real tax tricks here. Thanks a lot !
Glad you like the video. Thanks for having a look. Sure, I can do that. It'l take a bit of time to produce. I will need to do some research as its not a subject that I come across regularly. Im neither a lawyer nor an accountant, so I would suggest you speak to both for detailed advice. In short, you can have your Trust own an LLC. The most obvious reason is to protect your assets, (maybe family home etc) should the LLC fail. The rules will obviously be different from place to place, and depending on your individual circumstances. One size wont fit all, hence my suggestion for specialist advice.
Thank you so much for this Peter! I appreciate it. Hopefully we can link up one day in the near future. I look forward to all your other videos!
Glad you liked it and thanks for giving me the push to make the video. I had planned to do so, but needed a bit of a shove to make me do it.
Thank you, your advice was clear and precise. I will be setting up an l.l.c very soon so your info really helps me to be informed about what i am going to get my self into, thak you for your video
I'm glad I could help. I hope your new business goes well.
I don't why this is not a big channel more young people needa hear no good I'm only learning about it now big ups to you bro keep it up inspirational stuff 💯
I dont know why either. Yes, I will keep it going. Thanks for the kind words, it is much appreciated.
Many thanks Peter for sharing in plain simple language for newbies like me. Keep it up!
I will. Thanks for watching, and the kind words. Much appreciated.
One of the best and full information for NZ company, I am planning to open a company and your video going to help me a lot, appreciated 👍
Thanks form saying so. I hope your new business goes well.
Clear and concise. Very helpful. Thanks, Peter
Thanks for the feedback, and thanks for watching. Much appreciated.
Thank you! Just the video I was looking for.
Im pleased you found it helpful.
Many thanks Peter !! it was really helpful
I'm glad you liked it.
Thanku👍Just what I needed to know right now, decisions; What category; Sole trader, or Limited Liability Company & Whom🤔 Lawyer, Accountant thanku🙏 Starting my own business and goin to reserve name🤗Grateful for yr Knowledge sharing💜💯Awesum💜🙏
Thanks. Its good to know I helped.
Great info, clear, and well explained. Thank you. Liked and subbed.
Thanks for the sub. Glad you liked the vid.
Much obliged for sharing your expertise Peter - valuable tips!
Thank you for stopping by and having a watch, its much appreciated.
About to embark on a new new journey - thanks for the information I hope there haven’t been too many changes in our country since this came out 😂
You should be OK. There are no significant changes that I am aware of.
Thanks very useful information
Thanks. Its always great to get some positive feedback
Hi Peter thanks for that! I had a question, when I register an LLC , do I register the Company name as "Really Cool Company" , or "Really Cool Company Limited" (ie with Limited as a word explicitly part of the name) ?
I'd hate to accidentally wind up with my company that has to be referred to as "Really Cool Company Limited Limited".
You're probably aware that any NZ company must have the word Limited or the abbreviation Ltd at the end, so register it accordingly. This is to differentiate from a trading name etc. If in doubt, check the New Zealand Companies Act of 1993. You can be "Really Cool Company Limited" trading as "Really Cool Company".
Thanks Peter - very clear and practical . Would you recommend using an accountant for the whole process of creating a LLC so that nothing is missed?
You can certainly do the setup on line with no issues. I always believe that you need to be sure of getting right advice at the beginning especially when it comes to tax etc. Therefore, the tax implications, GST and how you will run the business should definitely be discussed with an accountant.
Hi Peter, where can I find details of laws that a LLC company needs to comply with for a specific business.. and what license does a business need to operate that Buisness in nz. Thank you.
Rules around companies are in the Companies Act, see link in the description. Licence would depend on what the business does, and where it does it. ie Liquor Licence, late opening licence, gambling licence etc. Check with the local council about the type of business you are operating in their area and their licence requirements.
@@PeterNola Thank you. Will do. Cheers!
very helpful, thank you
Thanks.
appreciate your content!
Thank you. Thanks for watching. That's appreciated, too.
Hi Peter great video. If you are the director and the only shareholder does that still make you responsible for 100% of the dept?
This isnt a simple answer as it will depend on the loan documents, supply agreements etc that have been signed. In other words the source of the debt and security. This is where a specialist accountant or lawyer should be consulted to give you direct advise as to your situation. If you have borrowed as the company only then it is likely that you will be liable to the value of your share capital. There are some exceptions like ensuring the share capital is paid up etc. However, if you have signed loan documents/supply agreements as a guarantor of the company or provided personal security etc, then you are probably liable. If in doubt, get advice from a professional. Getting this wrong can mess up your business for a long time.
Hi Peter! Can the shareholder and director be the same person? Can an international shareholder be easily added at a later date?
Yes, to both questions.
Appreciate the video bro I'd like to get in contact with you and talk more 💯
Hey Peter, Nice video.👍 I do have a question for you. Can I register and protect my business name as a sole trader? Do I use the same process that would be used in setting up a limited liability company?
Protection comes from using the name and establishing a presence in the market, this is the sole trader method, or via a Limited Co and/or trade marking the name. Talk to a trade marks specialist lawyer for advice on what is best for your name. I had a business that had a long history, and some-one else started up using the same name. I had no recourse as the other business was in a different industry and wasnt seen as being in competition with me, hence my comment about legal advice.
Think you sir
You are welcome. Thanks for watching.
Hi Peter, I've just read the comment below regarding some tax accountants in Auckland. I would like some professional help to set up an LLC, do you happen to know of any reputable accountants in Wellington? Thanks, James
Im sorry, no. Im based in Auckland and work in the region, so Im not familiar enough with accountants in Wellington to recommend any.
that was so helpful thank you
Glad to help. Thanks for stopping by and having a watch. I appreciate the feedback.
Much appreciated, does it take long for the GST and Paye registration.. I will check if you have other videos on it
@@reneejones5675 It would usually be 10 working days, but it can take longer sometimes.
if I was to sign up for a business number before the end of the year, would my established date still be 2022? and thank you for the answers
@@reneejones5675 Are talking NZBN number or registering a company? Your NZBN number is a rego number for your business/sole trader etc and can be done anytime, even after you start trading. The LLC registration will be when you register your company and is used for GST, income tax etc.
Great video, great info thanks. Can I start a limited company if I'm on a work visa in NZ expiring in December 2024? Or do I need to be resident?
Yes, as I understand it, you can be a shareholder in a NZ company without being a resident.
@@PeterNola thanks for replying and for those videos with great info
You're most welcome. I'm glad you're benefiting from the vids.
I need help with this , can you walk me threw till my buisness is running .
I have big plans , that I know will blow up I just need help to understand all this stuff I'm currently stuck on trademark check & register my trademark ??🤔 i am full of great ideas but don't know where to start .I need help without big words please
My son has been offered contract work in Europe and they want to pay to a company. Is it best if he sets up an LLC and invoices them from the company? I know there will be lots to learn in terms of tax and how much he then pays himself from the company, then there is the GST minefield. Really sounds like he needs someone to take him through it all. What sort of accountant should he be looking for? Cheers
A good tax accountant will be fine. The LLC will also give tax deductions, GST claims etc, so its not a bad thing. When you pick an accountant, interview them. Ask questions about why and how. Dont take them on face value, make sure you understand exactly what they will do and how it will benefit (or not) you. Talk to a few and then make a choice. Its no different from hiring staff. Advisers are your staff, so make sure you're happy with them before you jump in. If you are in Auckland, I can suggest a couple to talk to
@@PeterNola Yes, I am in Auckland. I would so appreciate your suggested people.
@@kevintregunno9652 Tell them I sent you. You could try
Kirit Lal: www.wwauckland.co.nz
Carl Sowter: www.marleyloft.co.nz
How about starting a business as an international student?
If your visa allows it, I am not aware of any reason why you cant.
Can you migrate to NZ at some point based on LLC?
Hi, You can be a director of a company and be based overseas. Sorry, I am not knowledgably on immigration as its not something I deal with regularly. I suggest you do a google search and find a consultant based in New Zealand as they should be up to date on the current regulations.
how i register llc from Pakistan?
Hi, thanks for watching. Check out this video for an overview on the registration process. th-cam.com/video/P6KDee1cr6Q/w-d-xo.html