Scenario I wish to set up a start-up business with a person who is not a family member. Background information Me * Not married * Nowhere near retirement age. * No capital contribution into the business * Future revenue or income generation is unknown but the agreed split will be 50/50 with my business partner * Option to be director but haven’t decided, either way I will have voting rights which are equal to that of the director * Will perform the majority of income producing work Business Partner * Will supply premises and office facilities, capital contributions * Wants to be a director Concerns * Asset protection - I want to protect my personal assets and investments which are held in my own name against creditors should I be sued as I’m in a high risk profession * Need to consider the possibility that a partner may want to leave the business * Need to consider the possibility that the business will not generate the income levels we are happy with, and hence will have to end or change the business structure * Costs What’s an appropriate structure to use for my proposed business (sole trader, company, partnership, discretionary trust, unit trust, combination of structures, etc)? Provide reasons for your recommendation in terms of advantages, disadvantages, costs, asset protection, CGT implications, and other considerations, etc. It would be much appreciated if I could get your comments, views and opinions. Thanks.