My new client told me that he already has a Partnership business and he now wants to change it to a Limited Liability Company. He told me that the business was performing well and was desirous of purchasing land. He and his business partner wanted to buy the land in the name of their business. The bank informed them that the land can only be purchased in the name of a Limited Liability Company not a Partnership. The reason is that a limited liability company is a separate legal entity. A partnership is not a separate legal entity recognized by law.
You should consider upgrading to a limited liability if you want to:
Purchase land in the name of your company;
Purchase vehicles in the name of your company;
Gift your company to your children (sole traderships and partnerships cannot be passed down to anyone, the business ends with your passing.)
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
Call/Whatsapp to book an appointment 868 373-1166. Consultation fee is $300 TTD per hour.
I am a Certified Professional in the following areas:
Anti-Money Laundering and Financial Crimes;
Fraud Risk Management;
Anti-Money Laundering (AML) Training for staff, directors;
Anti-Money Laundering Audits;
Compliance Program drafting;
Consulting services and much more.
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Ebooks on Sale:
- How to Change the Business Name of a Sole Trader
- How to De-Register a Sole Trader Business
- How to Register a Partnership
- How to Change from a Sole Trader Business to a Limited Liability Company
- How to Register a Limited Liability Company
- How to Change the name of a Limited Liability Company
- How to Dissolve a Limited Liability Company
- How to Register an External Company
- How to prepare Annual Returns for an External Company