All Forums  archive  Forum Questions  HI, me and my business partner bought a leasehold

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by het2uk[/i] [br]HI, me and my business partner bought a leasehold shop in dec 2008, i have realised that its making a loss. I dont want to put any more money into the shop, but fear that any savings that i have will be taken if/when the business fails. My wife also has savings from a sale of a joint property a few years ago, how will these be affected. My business partner does not have any assets. We took out a business loan of £96000, i invested £52000 and my partner invested £15000 which was from a personal loan which his parents took out. I have been advised that if i was to come out of the partnership, that i would still be liable for the business loan. But i have also been advised that my partner can take full responsibility for the loan. Please advise me on how best to protect what savings i and my wife have left. Regards [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.