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| william55 |
Posted - 11 February 2009 : 08:49:22
hi if I were to go down the bankruptcy road
im a sheetmetal roofer ,self imployed,partner, theres 3 of us we are vat reg ,but how will it affect me, I am married my wife is dissabled with ms so its all on me ,thanks yours william lund |
| 1 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 11 February 2009 : 10:03:42
Hi
when you declare bankruptcy you will no longer be able to continue with the partnership.
However, if you wish to continue to trade then you, as the bankrupt, must continue to do so under the current trading name. Your current business partner could then become a sole trader, as you will be, permanently acting as a sub contractor to your business, or vice versa if the new business trading name is preferred.
So no change really on the face of it but your respective sole tradership's will, technically, be seperate and if necessary your current business partner may, if the turnover level requires it, need to register seperately for VAT.
timendi causa est nescire
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