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 Jo C. Your Own Question

Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 30896
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

I had a small business with a business partner in 2014 he stole

Customer Question

I had a small business with a business partner in 2014 he stole everything stock, equipment, clients, website, name and still runs the business while I had to start agin from nothing! We had a small business loan which I am still paying half of. Am I still partly responsible even though I was removed from the business in 2014? He says I am but I'm only taking his word for it. Thank you
Submitted: 9 months ago.
Category: Law
Expert:  Jo C. replied 9 months ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
To whom was the loan made?
Customer: replied 9 months ago.
The business account.
Expert:  Jo C. replied 9 months ago.
Was this a limited company?
Customer: replied 9 months ago.
No just a small business.
Expert:  Jo C. replied 9 months ago.
What does that mean?What type of company is it?
Customer: replied 9 months ago.
A dog training/agility club
Customer: replied 9 months ago.
The company wasn't massive it was a small business but I'm keen to find out if legally I'm still responsible for paying for a loan that was taken out for equipment and a business I have been removed from since 2014? The loan still has 2 years left I have already paid for the last 3 years when for 2 years I have not been part of that business.
Expert:  Jo C. replied 9 months ago.
Ok. Were you set up as a limited company ? That would be normal for tax efficiency reasons.If not, sole traders?If so, was the loan in your names?
Customer: replied 9 months ago.
It was a partnership. When I receive correspondence from the bank it's addressed to both of us.
Expert:  Jo C. replied 9 months ago.
Ok. Then to whom was the loan made? Who are the names on the contract?
Customer: replied 9 months ago.
I don't know don't worry I'll speak to the lenders direct I'll find out myself.
Expert:  Jo C. replied 9 months ago.
OK.
If you want to post back with that information I will be able to tell you whether you are liable.

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice