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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33501
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Hi. I am unmarried and have been with my partner for almost

Resolved Question:

Hi. I am unmarried and have been with my partner for almost 30 years of which we have 3 children, 22,22 and 17. (18 in December) We own a house in joint names.
Q1. What am I entitled to if we were to split?
We have a business of which I am a director and sole shareholder. I am a shadow director and my partner generates the sales but is not a contractual employee. My partner wants to now make himself a director and cut me off to any access. (He formerly couldnt as he was undergoing an IVA, which has now failed and he still has creditors wanting to be paid)
If I refuse to resign and give him full access, he could start another company and I would be a director of nothing in essence and could possibly leave me with large taxes to pay at the end of the following tax year.
Q2. Do I have any rights here? What should I do?
Thank you
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
How much is the business worth?
Clare
Customer: replied 2 years ago.

The house has about £200 - £250k equity in it after mortgage is paid. I dont know how much the business is worth. The net profit last year end was £134k.

Expert:  Clare replied 2 years ago.
Hi
Is it a business that could be sold - or is the company just another way of your partner marketing his services?
Clare
Customer: replied 2 years ago.

Probably the latter, but Im not sure.

Expert:  Clare replied 2 years ago.
Hi
What does he actually do?
Clare
Customer: replied 2 years ago.

Marketing

Expert:  Clare replied 2 years ago.
Hi
Does he actually sell anything - or does he do consultancy work?
Clare
Customer: replied 2 years ago.

He sells print products but there is no warehouse and no stock held as he buys materials from suppliers and sends direct to clients.

Expert:  Clare replied 2 years ago.
Hi
Could he sell the goodwill if he wished to?
Clare
Customer: replied 2 years ago.

i suppose so

Expert:  Clare replied 2 years ago.
Hi
Have you made any specific contribution towards hi sbusiness
Clare
Customer: replied 2 years ago.

No monetary, but I manage some money in and out and get all information together to go to the accountants for the VAT and the tax returns

Expert:  Clare replied 2 years ago.
Hi
Since you are not married and the business would in fact appear to be based purely on his ability to sell, I am afraid that you have no claim on the business.
If there are any funds in it at present you should divide those and close the company down.
You are entitled to 50% of the equity in the property and half of any other assets that are held in joint names.
I am sorry to have to give you such bad news.
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33501
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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