business bank accounts for discharged bankrupts

michellestonehouse

Hi there,

I am a newbie to forums so apologies of im a bit slow.

I was made bankrupt in June 2012 and discharged June 2013 due to a failed business. My mum and I are starting a new business this year with an online shop and want to make it a partnership if possible. I am concerned if there will be any implications on her by making a financial link with me and if we can open a joint bank account together. Or would it be worth just waiting another couple of months till my 6 years is up in june?
I have tried to research this online but not finding the answer to my specific situation. Any advice from someone that has been in a similar situation would be great as I seem to be spending all my time researching this and getting no where when I really want to be using my time on our new business.

I hope this makes sense and I have provided enough information. Having read a few of the posts on this site everyone seems to be quite helpful.

Thanks in advance.

MEM62

Ltd company or partnership?

michellestonehouse

A partnership.

MEM62

Then your business is likely to require a joint bank account. That will link you financially. How it will be viewed by a any particular lender will depend on their own lending criterion. It would be safe to assume that the overall impact on her standing will not be positive.

tastyhog

Why a partnership over a Ltd company with an equal split in shares?

There's so much liability risk that is shared in a partnership that I wouldn't enter in to one with an ex bankrupt person, a bankruptcy caused no less by a failed business, I'd have thought you would have learnt about personal liability after that and want to limit your liability, family or not, because clearly you have in the past made bad money management choices and I won't want to become liable for those choices.

Are you really willing to put your mums financial future at risk because of your bad money / business managing skills

MEM62

tastyhog wrote: »

clearly you have in the past made bad money management choices

No assumptions being made there then tastyhog :rotfl:

The OP's post does not give you enough information to draw that conclusion.