Would there be legal difficulties, for a family owned company which houses family members?
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Would there be legal difficulties, for a family owned company which houses family members?
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In order to provide basic housing for future family members and relieve housing stress, I plan to form a Ltd Company, managed by family members to accumulate funds mainly from legacies and donations to purchase basic and adequate, free of charge housing for future family members, especially for needy and homeless members, who do not have the skills to earn a high wage to afford their own housing. The housing would be kept in the ownership of the company. All family members can, if they wish, contribute to the housing fund. And instead of leaving assets when they die, they can do some good for other family members by breaking the continual stress, and continual chain of the perpetual buying and selling of housing, of each generation. Can anyone see any legal reasons against this? Also as far as I am aware, the company would be a 'mutual', family providing housing for family, the members also being the beneficiaries, would this mean that it would not be liable to corporation tax? or capital gains tax?
(Small details of the company would be, that all family members would be eligible for basic housing, and only basic housing, and if they wanted luxury housing, then they would have to contribute the extra funds needed to do that, and at the end of use, the housing, or its money equivalent would go back into the family housing company pot. The company would be kept small so that family members would do the voluntary work of managing it, so that it didn't become so big that rents had to be charged to pay staff. It would be run democratically by general meeting of the interested family members.)
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