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Ask Alex J. Your Own Question
Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3670
Experience:  Solicitors 2 years plus PQE
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my husband wants to offer his restaurant as a guilty is it

Customer Question

my husband wants to offer his restaurant as a guilty is it possible to do it
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
-Could you explain your situation a little more?
Customer: replied 2 years ago.

My fiance wants to offer me his new restaurant for a guilty as a present because i mworking every day in and i m the director of the restaurant

Expert:  Jo C. replied 2 years ago.
what do you mean by guilty in this context?
Customer: replied 2 years ago.

Yes he want to offer me like a present

Expert:  Jo C. replied 2 years ago.
Okay.
Is there any reason you think that he may not be to do that?
Customer: replied 2 years ago.

no but how can we do it with the solicitor do i pay some tax it s a leasehold

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Is the restaurant owed by a limited company?
Kind regards
AJ
Customer: replied 2 years ago.

LtdLtonnmy namr

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
If the business and lease her held in a limited company, you will need your partner to transfer the shares in the limited company to you.
You will need a Share Sale Agreement or just simply a stock transfer form CON40G.
Does the company only own the restaurant?
Kind regards
AJ
Customer: replied 2 years ago.

can you explain

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
A company is a distinct legal entity - if the company owns the assets of this business then some one needs to own the company. To own a company you own shares in it. Therefore you would need to transfer the shares from your partner to you, if your partner's intention is to gift you this business. This is done by a stock transfer form called CON40G.
Kind regards
AJ