We hope to buy a property for various uses, should we set up and SCI?

louiser
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Hi Valerie

Sorry, another question from me!

I am looking for a new project and think I have found it. A unique property, which needs a lot of work and I hope to purchase this with two of my brothers plus a friend, so there will be 4 of us involved.
Is this a situation for an SCI?

The property will cost us around 245,000€ and at this stage, I estimate it will need about 60,000€ spent on it including a large heating and water system (it’s a big property), some new windows, shutters etc, a few bathrooms, plus cosmetic work, such as decorating.

When finished, it will be a combination of chambre d’hotes, gîte, learning centre for various courses and exhibitions. Obviously I don’t know the turnover but would hope we would be hitting 50,000€ a year (based on what I do at my current chambre d’hôtes). All of us plan to be auto-entrepreneurs (I already am anyway) apart from one brother who plans to return to the UK and will be a sleeping partner.

I don’t really understand the system of an SCI, so would be grateful for some guidance please.

Many thanks
Louise

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