I am a 50% owner of a Ltd company with one other owner. The company is really only big enough for one owner and we've decided that one of us will need to sell to the other. My other partner has not given me any idea about whether she wants to buy or sell. We set up the company from scratch. There was negligible capital put into the company also. It just grew organically.
What are the tax implications if I sell? How would Tax be calculated on the money received? Income Tax/ Capital Gain? Any way to avoid tax altogether the amount involved would be only 20-50k i reckon
Also if i was to buy the 50% from my business partner. Could i borrow money in the companys name or would it have to be my own. My bank told me it would have to be a personal loan and I would have to pay it back personally but i'm sure they are wrong.
Any advice appreciated
What are the tax implications if I sell? How would Tax be calculated on the money received? Income Tax/ Capital Gain? Any way to avoid tax altogether the amount involved would be only 20-50k i reckon
Also if i was to buy the 50% from my business partner. Could i borrow money in the companys name or would it have to be my own. My bank told me it would have to be a personal loan and I would have to pay it back personally but i'm sure they are wrong.
Any advice appreciated