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Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 5004
Experience:  Solicitor
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I am leasing a shop for 15?years and I was wondering is it

Customer Question

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
Submitted: 1 year ago.
Category: Law
Expert:  Jamie-Law replied 1 year ago.

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***********
Expert:  Jamie-Law replied 1 year ago.

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 ;-)
Expert:  Jamie-Law replied 1 year ago.

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
Expert:  Jamie-Law replied 1 year ago.

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
Expert:  Jamie-Law replied 1 year ago.

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 ?
Expert:  Jamie-Law replied 1 year ago.

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
Expert:  Jamie-Law replied 1 year ago.

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?
Expert:  Jamie-Law replied 1 year ago.

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