help help help???

Question

dose any one know anything about disolving a business in the uk, it is (was) a brother thing that is just not working, they can't come to a settlement together so dissolving is the only way!!!
really need some advice????

Answer 1

For effective advice you need to give more information.

If they are trading in partnership then they can just stop the business. If the business is able to be sold then that should be done (maybe to one of the brothers?). The assets are then realised and the debts paid. The balance is then divided among the partners.

All of this should be carried out in accordance with the terms of the partnership agreement. If they do not have a proper agreement then they will just have to agree things as they go along. This could be difficult and is the reason they should have a written agreement in place from the beginning.

If the business is carried out through a limited company then the initial procedure is basically the same. The business ceases, the assets are realised and the creditors paid.

If the company cannot pay all its debts then a formal liquidation will have to take place. Usually, though, and informal winding-up can be carried out. Get a copy of form 652 from Companies House (it's downloadable in pdf) and look at the wording. They need to get to the stage where they can sign to confirm the statements and then the company is dissolved.

A major point to consider is all this is that there could be tax consequences, particularly with the company scenario.

There are many aspects to consider, especially if the brothers are not agreeing, that professional advice is essential.

Answer 2

Do you mean a company or a partnership?
Best to see a lawyer or accountant

Answer 3

contact companies house. as they can register a new business i imagine they can also register a dissoled one