Advice needed please

[cuddly61]

Sorry if ur getting fed up with my posts but u are good at giving advice.
So how do I stand on this .
My brother knows full well I suffer from mental illness persuades me to form a limited company but not mentioning there would be corporation tax or account fees to pay not until he got the bills.i told him I did not understand the forms he gave me to sign but said I trusted him .how wrong was I .
So basically I’m a vulnerable adult who he in my opinion mislead me into forming a ltd company by not telling me of the cons that there would be corporation tax and account fees to pay. I am not a tax payer I can’t work due to my mental health.
Oh it’s not some big company my late aunt left us her house we decided to rent it out then he persuaded me to form this ltd company now turned really nasty and basically saying the only way out is for him to buy me out or I resign or company sold .all I want is to just rent it out like normal people do now I feel bullied and exploited by my own brother who I use to trust .
So any chance of me getting anywhere like he exploited a vulnerable adult thus making these papers I signed null and void.

if you're a vulnerable adult, then pay a solicitor. An hour's worth of fees will give you the advice you need. Don't post on here. No disrespect to you or to any posters (who, I'm sure will be as helpful as they can be). But you need LEGAL advice. So go find it and pay for it.

Someone once likened posting on the internet as being the equivalent of opening your window and asking the question to anyone walking past in the street. You get what you pay for.

Go to citizens advice.
Try your council.

Then pay and go to a solicitor.

good luck, and

You don’t sound vulnerable to b honest op you sound Prety clued up.

www.mumsnet.com/Talk/legal_money_matters/3117659-Wanting-to-end-ltd-company

You have already asked this question. Did you seek legal advice as suggested?

Ty already emailed my solicitor tonight but my mental health gone into crisis with my vile brother . But see what solicitor says hopefully can get advice on what I can and can not do .but although I don’t want to sell my share now wondering if I should sell just so I don’t have to have anything to do with my brother again .take the money and let him find out when he decides to sell he will have to pay corporate gains tax on any profit he makes from the sale so maybe it’s best I just let him buy me out but still get legal advice as I don’t want him lying saying I will have to pay for this and that to do so . He already tried that one when I first mentioned wanting out of this ltd company

Write down everything you are not sure about, take it to your appointment and ask your solicitor to explain everything to you.

There are usually several options for people in your situation, but you need your solicitor to explain

1. All of your options
2. The implications of each option.
3. Advise which option he thinks is best for you.

Then you can make an informed decision.

Please stop fretting about ifs and buts and maybes, go and see your solicitor.

It might be an idea to get an accountant or someone to explain the Limited Company with regards to renting out a property.
It may work out better tax wise to do it this way.
Regarding tax! You will only pay income tax on the profit you make from rent.
You would have to pay this whichever way you rented out the property.c

The Capital Gains Tax would only have to be paid after selling the property, you would have to pay a percent of the amount the property had increased in price. Which again you would have to pay however you rented it.
If you get someone to explain it to you properly, you may not feel so panicky.
You would get a nice income from renting out a mortgage free property and still have your house to sell whenever you wanted to.