I was a partner in a business with my husband and another guy. 10 years ago due to ill health I had to stop working. My husband and I were seperate partners so I just verbally agreed to him taking over my share.Unfortunately the business is going bankrupt due to the recession. Am I still in law considered a partner even though my name hasn't been on the audited accounts for 10 years? Our house is in both our names, can that be taken from us? I am assuming it is too late to put in just my name or would we be evading our obligations. P.GINGELL
As you say it is too late to change the house ownership but I am not sure about whether a verbal agreement is legally binding.
As this could prove very costly for you if you are indeed liable for the business debts I would seek legal advice because these types of things are never straight forward.
The CAB may be able to help in the legality of the business ownership and offer free advice although I think they are very busy at the moment so it may take a while to get an appointment with them.
I was a partner in a business with my husband
Posted - 20 August 2009 : 23:52:45
