Limited company question regarding legal owner of animals as assets.

[Lroberts]

Hello, I am in the process of changing over to a limited company from being self employed. I run an animal breeding business the animals are currently owned & registered to myself they are all registered with a governing body I.E the kennel club in my name. Do I need to create an account under my LTD companies name & legally change them over to being officially owned by the LTD through the Kennel Club? Any help or guidance would be greatly appreciated. Thanks

 

[Paul Kelly ICHYB]

What did the Kennel Club suggest, after you asked them?

 

[Lroberts]

What did the Kennel Club suggest, after you asked them?

I have emailed them awaiting response.

 

[Paul Kelly ICHYB]

One would assume that if you no longer own the animals and the owner needs to be registered, registration (or change of name/status) of the Ltd co would be required

 

[Lroberts]

The kennel club have said the account has to be under a persons name not a LTD company. Does this pose any future issues ?

 

[Newchodge]

Hello, I am in the process of changing over to a limited company from being self employed. I run an animal breeding business the animals are currently owned & registered to myself they are all registered with a governing body I.E the kennel club in my name. Do I need to create an account under my LTD companies name & legally change them over to being officially owned by the LTD through the Kennel Club? Any help or guidance would be greatly appreciated. Thanks

What will the Ltd company do?

 

[DontAsk]

Does the KC registration have to be the same as the ownership?

 

[Ozzy]

In the equestrian industry this is an accounting issue and not a governing body registration issue.
Typically horses are owned by the proprietor, and the proprietor rents the horses to the 'riding school' company under a loan agreement, and the riding school licences the horses, deals with insurances and welfare.

If the canine industry is the same, it wouldn't matter who 'owns' the dogs and this would be something you'd take accounting and tax advice from your accountant over. Having said that, the canine industry may not be the same - in the equine industry the horses are treated as 'machinery' in accounting terms.

 

[ethical PR]

The kennel club have said the account has to be under a persons name not a LTD company. Does this pose any future issues ?

I would speak to a solicitor to get advice on this that you can rely on.