Ok so me and a current business partner are looking to set up a new business partnership and we have to nominate a head office which will be either mine or his home address.
Question is, by having a home address as the company headoffice does this put the home at any greater risk of being taken if it all goes t1ts up than it would otherwise be at risk of ?
If it makes a difference both homes are jointly owned with our wife/girlfriend.
No greater risk, it just means it's the place where formal (legal, tax, etc.) docs are likely to be sent. Don't be on holiday for too long..!
cheers omith. Thought that was the case but wanted to check it wasn't just me getting it wrong 😀
If you haven't can I suggest you look into Limited Liability Partnerships(LLP) the convenience of a partnership with the protection of a Ltd co.
Whatever happens as a LLP your home and that of your partners will be safe regardless.
Yep well be getting the LLP sorted once we are up and running, its a bit complicated but we need to get this sorted quickly and as i read it getting an LLP sorted is a bit more long winded. Besides we are not going to have any contracts of any value so no creditors if it doesn't work out so SHOULD be low risk in the early stages 😕
LLP is a tad more complicated, but worth it for the protection.
Whatever happens as a LLP your home and that of your partners will be safe regardless.
Don't be so hasty. You may find that any borrowing by the LLP will have to backed with security given by the partners in the personal capacities (usualy a mortgage over their home/floating charge over other assets).