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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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hi, my name is XXXXX XXXXX got a problem. I have business take

Resolved Question:

hi, my name is XXXXX XXXXX got a problem. I have business take away for past 3 years , now i got problem with my business partner. he dont wont to pay me off. Business is worth 70000 pound and he has offered me 20000. He sad he is going to take me to court. What can i do to make him pay what is worth? And if we go to court is it gonna cost me a lot? I got family and i dont have much money to spend on it. But i dont want to end up selling the business under priced.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is XXXXX XXXXX 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, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Is it a Limited Company? Do you have any form of agreements please?
Customer:

hi, Its Partnership and we have lease on both names.

Alex Watts : Have you served notice of dissolution yet?
Customer:

no i just have been told by him on saturday

Alex Watts : Ok. If it is not a limited company you need to write and say you are going to dissolve the business.
Alex Watts : You both need to get the business valued, normally by an accountant. Then you know how much it is worth and claim your share.
Alex Watts : If he does not want to pay you, then the business closes and all assets are sold and the proceeds split.
Alex Watts : But the first point is go to an accountant to value the business so you know what it is worth.
Alex Watts : If you give notice to dissolve the business by law he can not stop you doing this and he HAS to buy you out or sell the assets.
Alex Watts : Can I clarify anything for you about this today please?
Customer:

can i use my accountant?

Alex Watts : Yes
Alex Watts : Can I clarify anything?
Customer:

so i can end up with selling all assets and business will closed? what about lease? its sidned for next 13 years

Alex Watts : Potentially that is a liability so your ex partner will need to take a commercial view and offer you a proper settlement.
Customer:

will you be able to tell me how much is it going to cost me just estimate. thank you so much

Alex Watts : I can't say but usually you would expect the business to be valued at three times net profit or a years annual turnover. An account any may charge £500 to value the business.
Alex Watts : Can I clarify anything?
Customer:

no thank you so much

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’.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/
Customer:

i am very happy with your help. will leave you feedback

Alex Watts : Thanks. All the best.
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