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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Business related, Myself and partner have equal share in LTD

Customer Question

Business related, Myself and partner have equal share in LTD company, I have paid for everything including office costs,Advertising etc, he has paid in nothing and is making money separately which is not to do with our set up. I want to know if he is legally bound to 50% of costs and credit cards etc,

Thanks?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Do you have a partnership agreement?

JACUSTOMER-lpn5vbag- :

No don't think we do. just equal share.

Alex Watts :

What do the articles say about these things if anything?

JACUSTOMER-lpn5vbag- :

Ill need to find them and look

JACUSTOMER-lpn5vbag- :

All Im aware of is company registration Docs

Alex Watts :

I see.

Alex Watts :

Well I can tell you that generally it may not be of help, so I will assume the worst and give the answer on the basis that it does not.

Alex Watts :

Its bad news though I am sorry to say

Alex Watts :

When you make payments on your credit card the funds should already be in the Company.

Alex Watts :

Only if he agreed that he would pay 50% would he be liable.

Alex Watts :

If he did not agree to pay 50% then the Company is responsible for paying back the balance.

Alex Watts :

Ideally there should have been some written agreement that set out what each party was going to do and this would have included set up expenses and what happened when you put things on your credit card.

Alex Watts :

But sadly in the absence of that unless he agreed to, he personally is not liable.

JACUSTOMER-lpn5vbag- :

ok

Alex Watts :

But the Company wouldbe.

Alex Watts :

would be.

Alex Watts :

Can I clarify anything about this for you today please?

JACUSTOMER-lpn5vbag- :

Well if their is no agreement then I can't get him to pay what I believe is his share ..

JACUSTOMER-lpn5vbag- :

last Q, If no money in company account but balance on CC if I dissolve company what happands to debt?

Alex Watts :

The debt then belongs to the Company, unless there is any agreement he would pay it.

Alex Watts :

Sadly any assets if any would be liquidated to pay the debt outstanding

JACUSTOMER-lpn5vbag- :

OK no assets in Co. Am I personally liable

Alex Watts :

Sadly yes.

Alex Watts :

In the absence of any agreement.

Alex Watts :

I know this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.

JACUSTOMER-lpn5vbag- :

ok fine thanks

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

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