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 Alex J. Your Own Question
Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3665
Experience:  Solicitors 2 years plus PQE
13113900
Type Your Law Question Here...
Alex J. is online now

I am currently a sole trader working in the property

Customer Question

Hi
I am currently a sole trader working in the property market and I am considering the benefits of transferring to a Ltd company. My question is : If I go Ltd and a professional legal case is brought against me at some point in the future, but for work that was carried out when I was a sole trader do I have ltd personal liability for that claim ?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you, you will remain responsible for your acts as a sole trader for a period a of six years until such time as they became statute barred. The only way to avoid previous liabilities incurred in your personal name is ***** ***** the party that you owe the liability to, to allow you to transfer that liability to the limited company. All actions that you do in the name of the company going forward will be the company's responsibility. Kind regards AJ