SOA your thoughts please

maxmycardagain

my doctor asked if suffered erectile problems or depression

i said not at the same time

patsypat911

I wouldnt worry too much about the amount, I would leave it at £150 and £100 if the OR thinks its too much they will say, better to put to much than to little. I have 2 adults and 1 child and have put £100 and £60 which is what experts on here suggested. Good Luck.

JCS1

Regarding the partnership - can you confirm it is partnership rather than sole traders/limited company.

Partnerships are dissolved automatically when one of the partners are made BR, pls phone business debtline for more advice.

wannabedebtfreee

JCS1 wrote: »

Regarding the partnership - can you confirm it is partnership rather than sole traders/limited company.

Partnerships are dissolved automatically when one of the partners are made BR, pls phone business debtline for more advice.

We are sole traders. one business but it is joint we submit individual tax returns and a partnership tax return. we did it this way to use wifes tax allowance and get cheaper tax bill. im hoping to carry on trading though

maxmycardagain

JCS1 wrote: »

Regarding the partnership - can you confirm it is partnership rather than sole traders/limited company.

Partnerships are dissolved automatically when one of the partners are made BR, pls phone business debtline for more advice.

who told you that?

to dissolve any sole trader partnership you have to cease self employment, and notify HMRC

and business debts would fall liable to be payable by any non-BR in the business

as S/E can carry on trading post-BR why cant joint s/employed?

s/e partnerships are the very worst choice for running a bauiness

JCS1

Partnerships are disolved when one partner is declared bankrupt, OR then sends letter to solvent partner asking them to account for any assets, etc.

From the case help manual:

The making of a bankruptcy order or winding-up order against a member of a partnership will generally dissolve the partnership (unless the partnership agreement provides to the contrary). However, where the partnership is large or long-standing, the business will be preserved with the trustee or liquidator of the member’s bankruptcy or winding up being paid for their interest in the partnership business. Thus, the old partnership is dissolved and the remaining partners continue with a new partnership. In the case of a limited partnership where a bankruptcy or winding-up order is made against the only general partner, the limited partnership will end.
The partners cannot protect themselves by including a forfeiture clause in any partnership agreement that attempts to forfeit the bankrupt or ‘wound up’ partner’s share in the agreement, to the other partners. Any such clause should be treated as invalid, as it may be a fraud on bankruptcy law.