Partnership query

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sajindevon

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Post by sajindevon » Sun May 10, 2015 11:32 pm
Hello. I'm just going into my third year of IVA and have been offered a partnership in a business which is still new and unlikely to increase my income at the moment but I'm wanted for my skill set and it feels like the right thing to do! But.. Am worried that I remain a liability credit wise... Does anyone have any experience with this problem and are there any suggested ways forward that will not jeopardise the businesses chance of borrowing if/when needed. Thanks![:D]
 
 

thisusernameistaken

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Post by thisusernameistaken » Sun May 10, 2015 11:47 pm
It shouldn't be an issue BUT you won't be able to be on any of the bank accounts for the business in my experience (some banks may be more amenable than others).

I needed to form a new ltd. co. last year in order to handle the purchase of freehold with 4 other properties and the bank refused to set up the account with me listed as a director. I had to resign, let them set up the account and then re-join as a director. Stupid really; I'm not even a signatory on the account...

Are you planning on setting up a ltd. company or will it be something like an LLP?

The best advice is to be honest with your potential business partner and find a way to work around it.
 
 

lifenoteasy

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Post by lifenoteasy » Mon May 11, 2015 5:41 am
I've had to find workarounds similar to thisusernameistaken.

Due to issues that impacted on forum members earlier this year I have also had to try and reduce my web profile, I do not use Linkedin and any advertising is now in the company name only.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

sajindevon

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Post by sajindevon » Mon May 11, 2015 7:52 pm
Thanks for your replies. It's going to be a LLP and my new business partner knows about my IVA. It's just that concern of eg applying for a new supplier account which might then be rejected due to my name being on the partnership agreement! At the moment she is a sole trader and I am working alongside putting sweat equity in, but I want to be legally protected, as does she, as the business grows.
 
 

Michael Peoples

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Post by Michael Peoples » Tue May 12, 2015 9:20 am
Would your new business partner advance enough for a full and final settlement and you could then move on without the confines of the IVA? You could then pay her back at the same rate as the IVA and any growth in the business would be enjoyed by yourselves and not your creditors.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue May 12, 2015 10:37 am
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples

Would your new business partner advance enough for a full and final settlement and you could then move on without the confines of the IVA? You could then pay her back at the same rate as the IVA and any growth in the business would be enjoyed by yourselves and not your creditors.
Good suggestion from Michael
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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