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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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hi i bought a business in partnership, but later it was decided

Customer Question

hi i bought a business in partnership, but later it was decided my partner would run it alone. i will have no involvement and would be paid my share by the end of 12 months.

i have recently come to know there has been no utility bills being paid and also no business vat on the business.

now that the business is being sold and before ii sign the transfer of lease should i take in to account any outstanding vat.
would be liable to pay for that business vat? or any other utility bills?

no liability measures were taken before i parted or any legal document, but can i or should i have something to cover my back before i sign for the sale of the business because i dont want to be liable for my partners mishaps.
Submitted: 4 years ago.
Category: Law
Expert:  Ash replied 4 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Alex Watts : Have you formally dissolved the partnership please?
JACUSTOMER-zkgvxw7l- : It wasn't formally dissolved but it was don't with the presence of witnesses.
Alex Watts : Can you or will you wve
Alex Watts : serve notice to dissolve please ?
JACUSTOMER-zkgvxw7l- : Sorry I didn't understand what you meant with the previous question
Alex Watts :

Can you or have you served a letter to end the partnership please?