- Original Poster
- #1
Hello, thank you for reading.
I set up a limited company in October ‘17 after some bad advice and naivety on my part. I used personal money (<£5000) to buy equipment, which the company still owes me as I haven’t traded at all so haven’t been able to pay it back.
Would it be possible for the company to sell the equipment back to myself, to put the accounts at £0? Then I can close the company using the correct procedure and start up as a Sole-Trader (which I should have done from the start).
The company has no other debts.
Is that the most direct way to deal with this?
Thank you.
I set up a limited company in October ‘17 after some bad advice and naivety on my part. I used personal money (<£5000) to buy equipment, which the company still owes me as I haven’t traded at all so haven’t been able to pay it back.
Would it be possible for the company to sell the equipment back to myself, to put the accounts at £0? Then I can close the company using the correct procedure and start up as a Sole-Trader (which I should have done from the start).
The company has no other debts.
Is that the most direct way to deal with this?
Thank you.
