Closing down business

downsizer3

I'm self employed - with partners and I'm looking at leaving the business. We've struggled for a few years now and my capital is reducing so we've agreed that I leave before I end up owing money.
The others will either carry on or wind the business up completely.
I have a few savings - not much and may have a wee bit left from the business to tide me over for a short while.
Obviously I'm not being made redundant as such and I still have a small mortgage / living expenses as a single mum.
Would I be entitled to any help when I'm looking for work?
I'm aiming to start looking around before I leave so hoping not to be unemployed ( my industry is badly hit so will need to look for anything) but I won't have a redundancy payment to help tide me over.
Thanks.

adonis

I don't know about any help you will get financially, but make sure you will not be left with any liabilities from the business.

antonic

Two things spring to mind (1 already mentioned my Adonis) and 1 I have thought of.

1) If you leave the partnership make sure you get a signed statement from the other partners indemnifying you from any FUTURE losses - any losses made BEFORE you leave you are joint & severally liable for

2) If the partnership is VAT registered, inform HMRC that you have left the partnership (you can send the statement quoted above) otherwise HMRC will pursue YOU for any debts as you will be joint & severally liable, if they dont know you have left.

Any more questions please post !.

downsizer3 wrote: »

I'm self employed - with partners and I'm looking at leaving the business. We've struggled for a few years now and my capital is reducing so we've agreed that I leave before I end up owing money.
The others will either carry on or wind the business up completely.
I have a few savings - not much and may have a wee bit left from the business to tide me over for a short while.
Obviously I'm not being made redundant as such and I still have a small mortgage / living expenses as a single mum.
Would I be entitled to any help when I'm looking for work?
I'm aiming to start looking around before I leave so hoping not to be unemployed ( my industry is badly hit so will need to look for anything) but I won't have a redundancy payment to help tide me over.
Thanks.

downsizer3

Good points - thanks for that.
We have no debts - there is still a large pot of money there - my personal pot is smaller as I've not been here for as long - and I also fancy a career change so time is right to leave ( good point about drawing a line in the sand though so that any future work is not my responsibility). We also have a huge professional insurance between us and disaster - but I take your point.