Partnership to Limited Company

Partnership to Limited Company

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I am a freelance bookkeeper, and one of my accounts is soon (probably 1st January) to cease trading as a Partnership and become a Limited Company.
Do I just start to enter the invoices to the Ltd Company accounts if they are dated on and after 1st January?
Does it matter if some of the invoices will not be addressed to the new name (even though the suppliers will have been informed).
The new company has a new VAT number and new Bank account, but the accountant is being slow to produce a figure for the worth of the old company. Does this matter? Can I just enter this figure at some future stage?
Is there anything else that they/I should do or be aware of?
I want to do the right thing now to save having to put it right later, and any advice would be greatly appreciated.
anon

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By User deleted
17th Nov 2008 13:03

you have given the game away!
Barbara

We all now know who anon is!

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By User deleted
17th Nov 2008 11:42

Thank you
Geoffrey - many thanks for taking the time to answer - it is much appreciated.

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By geoffwolf
16th Nov 2008 17:40

ok
The precise goodwill figure will not be ascertainable until the partnership trade has finished.

I would suggest you ask the accountant for a preliminary figure to use and adjust when it has been finalised. There is posibly more to this than meets the eye.

Stock, fixed assets etc will probably need to be valued.

If suppliers do continue to raise invoices in the wrong name they should be dealt with by the ltd co but I would suggest that you ought to ensure that the suppliers are requested to use the correct title asap.

It is inevitable that certain overlap errors are made. Therefore it is quite usual for tha agreement between the partnership and the Ltd company to state that pre change over debtors and creditors will be colleced or paid on behalf of the patnership.

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