Bad credit

[mrplastic]

Hi there everyone..

Any advice on this matter would be highly appreciated..

I have been for the last 12 months been playing around with the idea of setting up my own business, during this time I have found a business partner (who I personally now)..

I have now come across a major problem I have a bad credit rating (no ccjs) just a couple of defaults.. we have been turned down for two bank accounts - I have been advised we can be offered a basic bank account which will be satisfactory...

Here is the problem we need to rent a retail unit (town centre location) and because we are a new company they do personal credit checks on the directors - which obviously I will fail - my business partner does have excellent credit rating..

To get around the issue can anyone advise if this will work...
My business partner forms a limited company as a sole director of the business, he opens the retail shop and gets trading for three months then adds me as a director to the business.. I am aware if the above was done I would need to get legal agreements proposed otherwise he could take everything (even though I trust him 100%)..

Any advise would be brilliant

Many thanks

 

Hi there everyone..

Any advice on this matter would be highly appreciated..

I have been for the last 12 months been playing around with the idea of setting up my own business, during this time I have found a business partner (who I personally now)..

I have now come across a major problem I have a bad credit rating (no ccjs) just a couple of defaults.. we have been turned down for two bank accounts - I have been advised we can be offered a basic bank account which will be satisfactory...

Here is the problem we need to rent a retail unit (town centre location) and because we are a new company they do personal credit checks on the directors - which obviously I will fail - my business partner does have excellent credit rating..

To get around the issue can anyone advise if this will work...
My business partner forms a limited company as a sole director of the business, he opens the retail shop and gets trading for three months then adds me as a director to the business.. I am aware if the above was done I would need to get legal agreements proposed otherwise he could take everything (even though I trust him 100%)..

Any advise would be brilliant

Many thanks

Why wait 3 months?

One thing to be cautious of for your friend is that the Landlord does not require a PG - if they do then your friend would be stung for this if the company fails.