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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31861
Experience:  Over 5 years in practice
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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: 1 year ago.
Category: Law
Expert:  Jo C. replied 1 year 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 1 year ago.
The business account.
Expert:  Jo C. replied 1 year ago.
Was this a limited company?
Customer: replied 1 year ago.
No just a small business.
Expert:  Jo C. replied 1 year ago.
What does that mean?What type of company is it?
Customer: replied 1 year ago.
A dog training/agility club
Customer: replied 1 year 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 1 year 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 1 year ago.
It was a partnership. When I receive correspondence from the bank it's addressed to both of us.
Expert:  Jo C. replied 1 year ago.
Ok. Then to whom was the loan made? Who are the names on the contract?
Customer: replied 1 year ago.
I don't know don't worry I'll speak to the lenders direct I'll find out myself.
Expert:  Jo C. replied 1 year ago.
OK.
If you want to post back with that information I will be able to tell you whether you are liable.