Family Home at Risk?

T

tinal

Registered User
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Hi All
My husband and his father are setting up business together. The business address is our home address (for correspondence only, as nature of business does not require office space etc).

My query/worry is: If it all goes wrong can my home be at risk? Should I get my husband to transfer family home into my name only (or would this make any difference?)

Thanks
 
Hi RonanC
It will be a limited company - so if I am right in my thinking our home should be safe??


Thanks
 
Some obvious questions.... Is the home an asset of the company. I assume not.

Are major bank loans to the company secured by a personal guarantee, which if called upon would force selling of the house.... I assume not.

Then the house is not at risk.

However, there could be a clause in the title or planning permission which prevents you from carrying on business from the house. If so, then you may be operating in contravention of the title. If so, this is a minor offence and should be sorted out. It does not put the house at risk
 
Your house should not be at risk unless your company takes out a secured loan on it.
Like the other poster says many new housing/apartment developments prevent you from operating a business from the house.

Even if it does you're probably ok unless you have customers calling to you house quite a bit.
 
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