Running my Husband's business with him...

brownsucre

sheramber wrote: »

You say you signed the registration of the business with him. What do you mean by that? Does that not mean you are already part of the business- a partnership?

You can do the accounts without being part of the business- just as an accountant does the accounts for a business.

Thanks... Okay, so I signed it as a witness. His only witness because he asked me - knowing we wanted to start a family together, so I said Yes. I mean, that is Trust, right?
It's a Limited Company (I hope I got it right). He is supposed to get salaries from his business - but of course, that rarely happens.

brownsucre

sheramber wrote: »

You say you signed the registration of the business with him. What do you mean by that? Does that not mean you are already part of the business- a partnership?

You can do the accounts without being part of the business- just as an accountant does the accounts for a business.

MX5huggy wrote: »

A business with £50k Of debt may not be a bad business, if that £50k is a loan for a machine that makes £5k a month then it’s not a problem.

You need to understand the current legal structure of the business, sole trader, partnerships, limited company? Then what effect adding you will have on you will be easier.

Sounds like it could be a good team.

Thank you... It's a Limited Company (I hope I got it right). He is supposed to get salaries from his business - but of course, that rarely happens.

LandyAndy

brownsucre wrote: »

Thank you... It's a Limited Company (I hope I got it right). He is supposed to get salaries from his business - but of course, that rarely happens.

Then you must have an accountant who prepares the annual accounts. Might be worth having a short meeting with them to see what is the best way to extract money from the company.

brownsucre

silvercar wrote: »

He could give you access to the accounts without "adding you to the business", whatever that means.

If the business goes under then it would be better if you weren't associated with it.

Definitely! I've already made that clear with him. I'm monitoring the accounts too. Thanks

sheramber

If he does not get any salary what do you live off?

If it is limited company does he complete a Corporation Tax return each year?

Has he taken advice from an accountant ?

Savvy_Sue

sheramber wrote: »

If he does not get any salary what do you live off?

If it is limited company does he complete a Corporation Tax return each year?

Has he taken advice from an accountant ?

this is crucial: if the ltd company is £50,000 in debt, then there's a real chance that it is trading while insolvent, which is a Really Bad Idea. If the company appears solvent, but only because you / your husband are propping it up with personal debt, that's not a lot better. Are returns to Companies House and HMRC up to date?

I'm not going to be surprised if the OP comes back to say there is no accountant, and they've been doing the accounts themselves (or not really doing them at all) ... because I can't help feeling that any half-decent accountant would have been registering serious concern some time ago. I hope I'm wrong!

Seanymph

Does 'the business' owe £50,000 - or your husband - or you both as a couple privately?

Where the debt sits is crucial to how involved you already are.

mattpaint

Good lord it's like Catherine Cookson!

ska_lover

However much you get involved, or want to get involved - the crux is, that the sales do not come regularly

I think any attempt to repair this business (selling what it currently is) would be like throwing glitter on dog muck.

It sounds to me, that you would all be better shutting it down and getting paid employment elsewhere

chesky

ska_lover wrote: »

However much you get involved, or want to get involved - the crux is, that the sales do not come regularly

I think any attempt to repair this business (selling what it currently is) would be like throwing glitter on dog muck.

It sounds to me, that you would all be better shutting it down and getting paid employment elsewhere

Not necessarily. It could be a great product or service, but that OPs husband isn't handling the sales and marketing in a professional manner. It shouldn't take too long to find out and then either put in some good sales people or take a long, hard look at the future.