Sole trader incorporation
Finchy01
Registered Posts: 12 New contributor 🐸
I am after some technical advice regarding a client who wants to incorporate to a Limited Co.
(I may have become out of my depth with the correct tax and accounting treatment!)
What are the rulings on the transfer of assets that belong to the ST, into the Ltd Co?
There is also Goodwill in the ST accounts relating to a business he bought in 2012, can this to be transferred to the Ltd co also?
What about Debtors and Creditors including a loan, are these balances the responsibility of the ST and non-transferrable to the Ltd Co?
Any retained earnings in the balance sheet, does this belong to the ST and non-transferrable?
Any advice is gratefully received :thumbup1:
Have a good day all
(I may have become out of my depth with the correct tax and accounting treatment!)
What are the rulings on the transfer of assets that belong to the ST, into the Ltd Co?
There is also Goodwill in the ST accounts relating to a business he bought in 2012, can this to be transferred to the Ltd co also?
What about Debtors and Creditors including a loan, are these balances the responsibility of the ST and non-transferrable to the Ltd Co?
Any retained earnings in the balance sheet, does this belong to the ST and non-transferrable?
Any advice is gratefully received :thumbup1:
Have a good day all
0
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