Ask a Law Question, Get an Answer ASAP!
Hi AJ , Yes this is a partnership , we used to be a limited company , but Laura , the woman in question , forgot to register our accounts with companies house a few years ago , this led to the company being dissolved and thus we reverted to a partnership. Of the 17 property's 2 are owned outright , 9 are in my name, 4 are in my uncles name. The other two are my personal apartments and not connected to the business
The two that are owned outright were two property's that we built with our company funds on land owned by myself and my uncle , they have no debt attached to them. So yes they are jointly owned . The two property's that are my own , are totally separate from the business and rents are paid to me only
My uncle is under a ward of court , he is now receiving monthly compensation and is unable to work. He has a brain injury and is not capable of re-entering the business. As far as I'm aware we don't have a partnership deed , just a straightforward partnership. We do have a signed declaration of trust.
I'm not too sure , its with the solicitor who set it up . He insisted we drew it up 7 years ago , saying it would ensure the other partner was in full control if anything should happen to any of us.
I requested it on Monday , they said they will email a copy when they can locate it
O.K thank you, I have to go now, will your reply reach my e.mail ?
Yes all the property's are in positive equity. As I recall , our declaration of trust was designed for exactly this kind of situation , I'm pretty sure it gives control of the company to the other partner in these circumstances. Which I'm hoping gives me the legal right to take control of the business and manage it as I see fit.