LTD contract question
Barry_Luxton
Posts: 11 Forumite
I want to close my LTD as I'm just not bringing the money in, and accountant fees are greater than income.
What would happen to all of my existing contracts if I did that? For instance I have a small board-game in certain stores. What happens to all of my contracts which state the owning property as my business?
What would happen to all of my existing contracts if I did that? For instance I have a small board-game in certain stores. What happens to all of my contracts which state the owning property as my business?
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Comments
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Just wondering if anybody had an opinion on this matter as I really need to do something.0
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They would belong to the business and so would be owned by her majestys government when dissolved unless you transfer the rights0
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So would the best thing to be signing the contract for myself as an individual to start with?
I assume altering the rights would involve a cost somewhere down the line and have to involve the other parties of the contract.0 -
Would you just buy the rights from the company? Not sure what the going rate would be, but your accountants handling the wind-up should be able to advise.0
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Just to be certain here, the particulars of my situation are:
1. I have a contract to release a DVD I made in the USA.
2. The contract is for a term of 20 years.
Obviously it will sell well for a couple of years and then bottom out, like all other DVD and then just sell a small percentage every year.
However accountant fees alone for the business (which operates only on this DVD) are in the region of £700 a year. The question is, minus TAX will I even break even. Probably not. So I just don't know what to do.0 -
Sell the rights to yourself, and put the income into your self assesment every year. You would have to pay the ltd co a fair price for the rights though as you can't just give a companies assets away cheaply.0
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You do not need an accountant to create or file accounts for a company in the UK.0
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property.advert wrote: »You do not need an accountant to create or file accounts for a company in the UK.
You do for a limited company.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
inmypocketnottheirs wrote: »You do for a limited company.
No you don't. I would advise that an accountant does prepare the accounts, but there's no legal or regulatory requirement.Despite the name, I'm actually a laydee!0 -
NiceGuyEddie wrote: »No you don't. I would advise that an accountant does prepare the accounts, but there's no legal or regulatory requirement.
Many thanks for correcting me. I was confusing the need for accounts to be audited and the filing of accounts.
Just for interest I found the following on Companies House website:
What if a company cannot afford a professional accountant?
There is no requirement for companies to use a professional accountant to prepare their accounts.! However, directors should be aware of their legal responsibilities regarding accounts.! For example, the directors of a small company which wishes to claim exemption from audit must sign a statement in the accounts acknowledging their responsibility for preparing them to meet the requirements.! Directors can be prosecuted if their accounts fail to comply with these requirements.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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