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Buachaill, Barrister
Category: Law
Satisfied Customers: 10944
Experience:  Barrister 17 years experience
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My husband and I have been unable to find work time

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My husband and I have been unable to find work for some time now. He has mental health problems, a history of heart attacks and a bypass. He was dismissed from his last job due to bouts of ill health. I have arthritis in my back and have had a fungal lung infection which has damaged my lungs, but is at last under control. We are in our mid 50s. My company folded during 2008 - 2009 and we have enjoyed financial ciaos for the last few years. At one point all our debt were dealt with by Gregory Pennington, which had to stop when my husband's job went. We managed to pay most of the debt o£ request for over £9000 and a second one for over £6000 for an 'overdraft' (never had a large overdraft, wondering if it is the company account.). I have put my small pension pot from working for a local authority into a new pension account and have used my tax free sum to pay rent for six months. I intend to use what is left to purchase an art shop in King's Lynn and run it with my daughter (we both have degrees in Art and I have an adult teaching qualification - the courses will make more money than selling art materials). Now that the extra debt that I did not realise I had has come to light, I am concerned that we could start the business and then lose it. Once I have got to the bottom of what I owe I did intend to pay the debt off as I earn money. Without the shop I have no idea of how we will be able to survive. At last the question: how should my daughter and I organise the business so that the business can't be taken in payment for the debt - I can pay the debt (once I know what it is for) or I can start the shop and try to earn a living. Help.
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1. The best approach here is to incorporate the business in a limited company so that the business is a separate entity from you and your daughter. In this way, the business can not be used or attacked to seek to pay off your debts. Additionally, if you hold 50% of the shares in the business, have your daughter or some other trustworthy person as nominee shareholder of your shares. In this way, your shares cannot be attached to pay off your debts. In time with monies from the business, you can pay yourself a salary or a dividend from the company and pay off your debts. However, if you trade in your own name, any business assets could be taken to pay off your personal debts. So avoid this course of action if possible.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10944
Experience: Barrister 17 years experience
Buachaill and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you for your advice - we will incorporate the business, and I will put the shares in my husband's name. Again, thank you for your help.

2. Best of luck with the business.