Self-employed but in a partnership. Confused?

SIM

My wife is self-employed and we are in the process of going BR.

Her situation is holding the process up though and am getting frustrated. Any help would be great...

She is self-employed. She teaches piano and tutors, but also helps out in a small business that she started years ago. The business has no assets and makes little profit, however she is a named partner in the business. Business debt line advised her that the business would therefore need to be dissolved. That just seems so pointless. Is this really the case?

Can she just stop being a partner? There are 3 of them partnered together so there would still be 2 of them left.

PLEASE HELP, it's doing my head in!

bradders80

Give Business Debtline a ring - 0800 197 6026

Or better still, get your wife to do it as they will probably need to deal with her direct.

MEM62

You can leave a partnership anytime you like - although your wife will need to discharge any liabilities she has as a partner. The OR may ask questions about the business and you will need to be able to convince them that there was no inherent 'value' that could be realised.

SIM

Thanks MEM62, that makes me feel like we can move forward.

Do you know if it is straight forward and quick?!

Both partners are aware and happy for my wife to not be a partner any longer.

There is no value in the business at all. It generates small amount of income.

bradders - she spoke to debtline and they advised that the business would need to be dissolved.