Taking over a family business

cros13

My dad is retiring (to look after my mum who's ill) and we're talking about him handing over some of his businesses to me.

I'm due to talk to his accountant next week, but I have some concerns and I'm trying to plan out how this is going to work, so that I can ask the right questions and involve the right professionals.

The business I'm most concerned about is operated as a VAT-registered sole trader. It's the business I've been least involved with, but for a number of reasons it's the biggest problem for my dad ( including that other businesses are much more tax efficient in ways that help his retired income).
It's effectively a delivery business with vehicles owned by the business and drivers who are independent contractors working for a per diem (I need to investigate the contracts for these people / but I do know they are employed by multiple companies and provide their own driver cards for tachograph purposes).
The business has an International Road Haulage Operator Licence and all the relevant paperwork for that / qualified transport manager is in order (but I again need to make sure this can transfer).

I had some ideas about setting up a similar delivery business myself in a different area of the country with a different class of vehicle for which the existing licensing and billing system would be useful.
The new business would employ drivers directly and be operated alongside the current business, with me progressively taking more of a role in the existing business as I learn more about it.
Existing turnover is ~€150-250k/year and there is no debt. I've only seen bits and pieces of the books, but there was a tax audit last year that has been finalised and I'm hoping the accountant has managed the books better.
The existing business also has priority over other transport providers for jobs coming out of certain customers (again I'm not sure if this has a contractual basis or is just a handshake deal).
My initial instinct is to reorganize the business into a limited company to insulate myself somewhat, with immediate family members as shareholders (I have no problem keeping my shareholding below 50% if required).

I'm currently a PAYE worker paying class A PRSI and I'm on just over €100k/year. What would be the impact on PRSI of me starting the business as an LTD? I assumed that if I keep my shareholding below 50% this wouldn't be an issue?
If I was investing additional capital in starting up the new limited company could I use SURE to obtain a tax refund if I would be working full-time hours in addition to my PAYE employment?
What are the potential implications for inheritance?

I've tried to get my dad to come with me to someone who specialises in succession matters, to no avail.
Any advice would be most welcome.

pedroeibar1

Very little of that post makes sense TBH. You call it a business, one that owns vehicles yet you go on to say the activity is your father operating as a sole trader. Then, the activity is turning over 150-200k and you are talking about employing drivers rather than using them as needed (outsourced contractors)? You will be taking over 'the business' yet with" immediate family members as shareholders" Listen to the accountant first, then start thinking about what you want to do.