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Topic starter
26/07/2009 11:15 pm
Hi,
We have been in a P Trust deed for the past 2 years and have found this site very useful. I have never posted before so i hope someone can help me.
I have a few questions let me explain.
I plan to start a small on line business - I do not intened to take a wage for the first year as i will continue in my current job. My plan is to pay myself a bonus after one year which will hopefully be enough to cover the equity expected by my trustee.
I hope to register the business but have read conflicting info on my ability to be a company director - Any advice?
Can i open a business bank account with a TD? Has anyone had experience with this?
Thanks to anyone who replies
27/07/2009 9:50 am
Hello Thisle,
This raises some interesting questions but in general there is nothing to stop you from getting a business up and running while you are in a trust deed.
I'll leave the specific answers to your questions to our experts....
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
27/07/2009 11:42 am
Hi Thisle
Thanks for posting.
As TDA said, there is nothing to stop you from starting up a business, or becoming director of a company, whilst in a trust deed, though you should advise your trustee that you are doing so.
There is no reason in theory why you couldn't get a business account either, though in practice if you are personally credit scored by the bank they may decide that they cannot offer you an account because of your history.
Best of luck!
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
27/07/2009 3:59 pm
Hi thisle
As Kevin said, there's nothing to stop you being self employed etc.
One wee word of caution though, you mentioned that the business may make payment of a bonus to you and this could be used to pay the equity. Unfortunately this would be seen as income and the trustee would probably seek a good part of the bonus payment and also seek the full equity, purely because this would be regarded as income.
I know, spanner in the works!!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
