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My STBX is partnered 40/60 in an INC company. My question is can I start another let the other one go. Well STBX beable to touch the new company.
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Assets going from an incorporated company into a new company? OR are you just wanting to start up fresh without your ex and leave the other company, along with assets, alone? -
Yes I would leave the assets alone. The reason I would want to do this so my new company could buy a piece of rental property so I can have some place to live. The X wont take her name off of the other company.Comment
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so where is your money coming from to form this new company and purchase "rental" properties?Comment
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My family members would borrow the down payment. I dont want to touch the other company funds/assets.
Or give me another Idea of what I can do. I the current house is in the high 800's and it's not going to sell this year. we lowered it down 50thou in the last 3 months and no lookers. I dont have any place to stay in the current town. unless I rent a hotel room for my two weeks off. I want to see my kids,Comment
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If you set up a new company are you not then in direct competition with the incorporated company? Remember, a limited company is it's own legal entity. You are merely a shareholder a/o director. You might very well have articles of incorporation filed wherein it states a director cannot be in direct competition (commonly referred to as a "personal services contract").
In this instance, you are best to get legal advice. Might be simpler to simply rent a place until you have finished all of the equalization matters from your divorce.Comment
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If your primary residence is owned by an inc then you would lose the capital gains exemption on profit when you eventually sell.Comment
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Actually, I'm lost. Your title states that you want to DISOLVE one company and start another. If the first company no longer exists you can't be in competition with it. Furthermore, how can u dissolve the first company without your stbx's consent and cooperation given you have already stated she won't take her name off of it?
I smell a rat.Comment
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I wouldnt resolve it I would make it sit idle. I would start a new one. I work as a consultant firm. My company works for a oil company. Im a contractor.Comment
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Like some comments above, I'm getting an unsettled feeling. If the ex is part owner of the first company, then this would be part of both of your equalization calculations. Dissolving the company without her consent will come across as suspicious in court.
Not sure where you live but you might want to ask your lawyer about the process of severing financial obligations first (meaning neither one of you will be liable for any debts of the other from that date post separation). I think you can then use the capital of your 60% share to establish your second company but I don't think you can dissolve the business until your matter is settled. Talk to your lawyer.
An alternative could be that your ex can buy you out.Last edited by MommyTime; 10-19-2014, 12:53 PM.Comment
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Yes, you most certainly may incorporate a new holdco to carry on your future consulting and shelf the existing. You should speak to your accountant first - this is an accounting issue.
Does your existing holdco hold any real assets? Why does your ex not agree to sign off - where are you in equalization discussions?Start a discussion, not a fire. Post with kindness.Comment
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We are still working on eqaulization. Assets there is a bit but nothing that is going to make a huge difference. Why she dose'nt want to sign off the reason she told me is her lawyer told her not yet.
Also Another question What is JDR?Comment
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So during a JDR your lawyers are present or not present. I Kind of like this Idea I believe it would save a lot of time/moolaComment
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