Recent content by Lucas Schwartz

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    Selling my business. What are my responsibilities?

    Thanks for your response. You are right of assuming that I did not paid myself a wage and I was not on any Paye scheme. I tried to avoid the extra administrative tasks until I was sure the business will be profitable. However I didn't draw a directors loan from the business to fund living...
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    Selling my business. What are my responsibilities?

    Anna, We often hear the two words: business and company used interchangeably. Anyone carrying on an activity that earns them a profit is doing business or running a business, and perhaps this is why there is a misconception that business and company is the same thing. Can you please define...
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    Selling my business. What are my responsibilities?

    Adam, Thank you for your response. I do understand that I am selling my ownership of the company by transferring my shares to a new owner. What I need guidance on is the practicalities of actually doing that. "You can transfer a VAT registration from one business to another. For example, if you...
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    Selling my business. What are my responsibilities?

    Pentel, Thank you for your response. You have made it clear that as soon as I have transferred the shares and presumably resigned as a director of the business I will have no further obligations or liabilities toward the business. The new owner will. As for the technicalities of the share...
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    Selling my business. What are my responsibilities?

    I was referring to the below: Transfer registration You can transfer a VAT registration from one business to another. For example, if you take over a company and want to keep using its VAT number. You can apply to transfer a VAT registration: · online - through your VAT online account ·...
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    Selling my business. What are my responsibilities?

    Sorry but I am not quite sure I understand what are you trying to say? I will be selling the company with all of it it's assets and licenses for 850£. What commercial solicitor fees are you referring to? We are trying to conclude the sale without having any solicitor involved. The company is a...
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    Selling my business. What are my responsibilities?

    Hi thanks for the reply, but I have a buyer already. Who happens to be just as inexperienced regarding the legalities involved as myself. So it is kind of a blind trying to escort through a blind on the road situation. I need practical advice regarding the EXACT process and steps of the sale...
  8. L

    Register my company in the UK, or abroad?

    Wow, what a post. It was so entertaining reading it that if you wrote a book on the subject I would be the first to purchase it! :)
  9. L

    Selling my business. What are my responsibilities?

    Hi Adam, Thank you for you reply. According to the current agreement the company shares will change ownership. This is important because my business holds all relevant licenses that is required to run a trucking business and those licenses can not be transferred to a different business. So to...
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    Selling my business. What are my responsibilities?

    Hi Everyone, I would like to ask for advice regarding my responsibilities when selling my business. I have opened up a trucking company in 2017 that I was unable to make profitable and now i have decided to sell. It was the first time I have started a business and I never been able to get...
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