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2nd November 2012 at 10:40 am
#671
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Unfortunately in this case, the father isnt acquiring any shares on incorporation. As such, I cant see that the company is connected to him after the incorporfation. I think the position would be different if he acquired a single share as the father, together with the son, would togeher control the company.
A further complication is that the partnership has made a loss for the last 2 years. Therefore looking at it in actual mony terms, he has a 100% income share – although t