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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have just paid all the profits from my business as

Resolved Question:

I have just paid all the profits from my business as dividends into my personal account. I have left enough to pay taxes etc and £100 for the shares as advised by my accountant. So in effect there will be no money left. All my creditors and debters are paid. I have done this because I maybe getting sued and I have been told because asI am a LTD I will not be held personally responsible as it is the business that will be sued not me. Is this legal because although I have been advised to do this by my accountant it does not feel legal.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.Yes this is legal. A company is a legal entity and you are not responsible personally for any debts.So if you have taken out the profit, then that is legal and you cant be personally suedCan I clarify anything for you about this today pleaseAlex
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