Liquidating a limited company aol singles dating
Please note MVLs can be costly in liquidators’ fees given the amounts involved. However this could be less if the liquidation is very straightforward.
New rules The proposed new rules particularly concern companies that are ‘phoenixed’, i.company is closed and shortly afterwards a similar company is formed by the same individual doing the same work.
This also applies where the person receiving the distribution is involved with the carrying on of such a trade or activity with a connected person.
Other areas being impacted include schemes of capital reduction and even certain situations where a company buys back shares from a shareholder.
If an individual does decide to close their company then in future they will have to ensure they do not open a similar business for at least two years otherwise they risk the capital distribution being reassessed as income.
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This is quite common, especially with consultancy businesses where cash is retained in the business and built up.
There are two forms of company strike off involving striking the company off the Register of Companies at the Companies Registration Office (CRO)-voluntary and involuntary. Section 311 of the Companies Act 1963 allows the Registrar of Companies to remove companies from the Registrar as part of an administrative voluntary strike off scheme operated by the Companies Registration Office (CRO).
They consistently give me invaluable advice and guidance and are always at the end of the phone if I have a quick query.
The depth of knowledge that they have is reassuring.
Many business owners have over the years built up real value in their limited companies.
Some will sell their businesses but many will simply close their companies down and distribute what monies are left in the company to shareholders.