Transfering a partnership to a ltd company

Transfering a partnership to a ltd company

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 We are a partnership and recently we had a sherif turn up with a high court order for collection of £2,500.00. The company claiming had never contacted us about the claim and we did not owe them any monies! We had to pay them and now we have the long process of getting the money back! This experience had frightened us as we are liable for all debts as a partnership. We own our business which is profitable, has a turnover around £750,000.00 and owns assets such as equipment of around £200,000.00, we also own 2 flats; one in spain which has approx £100,000.00 in equity and a flat in london that has approx £50,000.00 in equity. The mortgage on both is around £400,000.00.

There are business debts, nevertheless, we would like to take liability away from ourselves and put it on a limited and perhaps have a holding company for protection. We wish to know if 

1. Is it possible to transfer the debt to the ltd company?

2.How do we carry out the transfer of a partnership to a ltd company?

3. Can we have the holding company as extra protection?

4. Should we bring our property into the company on a pension basis?

I realise that i am asking a great deal but would be grateful for any professional advice.

kind regards

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the sea otter
By memyself-eye
02nd May 2011 17:11

Have you spoken to your accountant?

Assuming you have one. If not you need to seek advice as there is far too much to answer (on here) in your question

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