The process by which a business is transferred
out of a limited company and carried on subsequently by a sole trader, a partnership or a limited liability partnership is commonly referred to as disincorporation.
It combines freehold ownership of a single property within a larger development, with
membership of a limited company that will own and manage the common parts of the development.
If as director and sole
shareholder of a limited company (in the UK) I want to purchase (or possibly even lease) a car for my use, will I be taxed as an employee for having the use of the vehicle and if so, how would that be calculated?
Lord Sumption observed that the separate personality and property of a company is fundamental to English law and also to economics, as it is the
basis of limited companies, and they in turn have been the principal unit of commercial life for more than a century.
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You can not continue to be the director
of a limited company unless your trustee agrees and unless the rules of the limited company allow you to enter into a trust deed.
Managers are partners in a partnership, members in an LLP, or directors
of a limited company.
Any references to partners in any document should be taken as being references to the directors
of the limited companies and not to individual partners of the firm.