Lorz said:Personally, I would think your boyfriend would be best to walk away from this company and start a new company - he can call the new company XXX Ltd t/a (trading as) "Old Company name" - if he's worried about losing exisiting customers or feels he has worked hard to build the good name of his current co.
This isn't necessarily correct, depending on circumstances, but the Family Home Protection Act provides some safeguards against the family home being put at risk in this wayA limited company = limited liability. This means that the directors personal assets (house, car, cash in bank, etc) cannot be demanded as payment for bills/debts/liabilites incurred by the company.
Personally, I would think your boyfriend would be best to walk away from this company and start a new company
ubiquitous said:This isn't necessarily correct, depending on circumstances, but the Family Home Protection Act provides some safeguards against the family home being put at risk in this way
Lorz said:What circumstances aside from providing a personal guarantee?
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