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 Jamie-Law Your Own Question
Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 5897
Experience:  Solicitor
96104960
Type Your Law Question Here...
Jamie-Law is online now

I am leasing a shop for 15?years and I was wondering is it

This answer was rated:

Hi,
I am leasing a shop for 15?years and I was wondering is it better to lease it under a limited company name? Or my personal name??
If I do it under LTD company, if I change the director to another person, does this mean that person has the control of the shop as well? I mean by changing the director, the shop lease will be under the control of the new director ? Is it like changing the lease to someone else name??
Finally if I go bankrupt, if the shop lease is under LTD company, can my creditors take the shop and the contents ? What about if it is under my name ? Can creditor take it ?
Plz advice

Hello my name is ***** ***** I will help you with this.

Will you be the shareholder of Ltd co?

Jamie-Law and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Hi, please call me on***********

I am just having a sandwich for lunch, can I call after then?

Customer: replied 1 year ago.
sure, no rush at all and enjoy ur food ;-)

I called but someone put the phone down on me!

Customer: replied 1 year ago.
Call me back, lack of reception here sorry
Customer: replied 1 year ago.
Please call me as I must tell the landlord what I am going to do today before 15:00Regards

Ok - I am just in Court, I will give you a call shortly.

Customer: replied 1 year ago.
Thanks for asking your colleague to call me. I forgot to ask the last question and I would be grateful if you could answer this too. I lease a shop under my name and what are the way to protect the shop and all it's content against any bailiff if I go bankrupt? Shall I sub lease it to someone else under a limited company name? And I won't be a director or shareholder ? Regards

You need to make sure all assets and stock are purchased by the ltd company.

It MUST be by Ltd co.

Does that clarify?

Customer: replied 1 year ago.
the company must not be in my name ?! And if they said I'm the lease holder how come someone else is in the shop? What shall I tell them ?

Even if the company is in your name, if the assets belong to the company that is enough.
Does that clarify?

Customer: replied 1 year ago.
perfect and thanks for your service. In case if I need your assistance in future can I be in touch direct and I pay you direct too. Plz advice

Sure. Just ask for me, but everything must be through THIS site.

Customer: replied 1 year ago.
Ok sure, what about the money I make from the company which is the leaseholder of the shop? Can they take that money of me? What's the way to prevent this?

Yes they can. You cant prevent it if you go bankrupt. If you are bankrupt then all assets belongs to your creditors.