UK Disincorporation

[kitarna]

What happens in the accounts when an owner managed limited company stops trading but the director continues the same business as a soletrader.
The only company assets are goodwill, some tools and a company van.
What gets transferred to the sole trader business and at what cost?
I think disincorporation relief will deal with the good will but not sure how the rest gets treated.
Thanks

 

[Bad Medicine]

What happens in the accounts when an owner managed limited company stops trading but the director continues the same business as a soletrader.
The only company assets are goodwill, some tools and a company van.
What gets transferred to the sole trader business and at what cost?
I think disincorporation relief will deal with the good will but not sure how the rest gets treated.
Thanks

If its an LLC, why not sell the assets before terminating the LLC ? Then you choose the cost.