How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

my son who is my business partner has been taking large sums

Resolved Question:

my son who is my business partner has been taking large sums out of the business the accountant has asked him to meet up with us to sort out things and arrange a 50/50 split of the profits .he has arranged a 90/10 split in the past. saying to me that he would invest the sum i didnt have in cash for my retirement. as i have now retired and have no monies coming in . he wont .. what can i do he has access to all the accounts i dont the business is still generating 1500£ per week before tax and small expenses net approx 1200£ per week . there is a large capital gains tax bill to pay that i am liable for 24k which i dont have what can i do if he wont discuss anything
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

for now please let me know if this is a Limited company or partnership?

Customer:

partnership

Alex Watts :

Is there a partnership agreement?

Customer:

no

Alex Watts :

How come he has sole access to the bank accounts?

Customer:

because i trusted him

Alex Watts :

You need to get a Solicitor to write to him.

Alex Watts :

By law in the absence of ANY agreement you are to split 50/50

Alex Watts :

This means he or the business owes you what you have not taken

Alex Watts :

If the Solicitor letter does not do anything then you can take him to Court and ask the court he accounts for the profits and that you are entitled to your share and he either repays or it comes out of the bsuiness.

Alex Watts :

However it may be that the business is dissolved.

Customer:

does this mean that i can from now on claim 50/50 of the income

Alex Watts :

Either partner can dissolve the business and all assets etc are sold and split 50/50 paying off any debts.

Alex Watts :

Drawings out yes

Alex Watts :

Both historic and in future.

Alex Watts :

You are entitled to 50% of everything the business makes

Customer:

the business is a holiday rental business and receives an income of about 1500 per week . i

Alex Watts :

ok. You are entitled to 50% of the profit after expenses etc

Alex Watts :

So any drawings you are entitled to half

Customer:

the assets are the building and until they are all sold i must have an income. how do i make the accountant agree to this as he says he cant change anything without his consent

Alex Watts :

You need a Court order.

Alex Watts :

But first do it with a Solicitors letter, that may do the trick

Alex Watts :

Can I clarify anything else for you about this?

Customer:

how much will this cost me as im now only getting a state pension

Alex Watts :

To go to Court? You may be entitled to fee remission.

Alex Watts :

The cost of issuing the claim is £280

Customer:

how do i go about it ?

Alex Watts :

You need a Solicitor letter first. Do that as it may do the trick

Alex Watts :

Otherwise you complete form N1

Alex Watts :

http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf

Customer:

many thanks

Ash and other Law Specialists are ready to help you