Wanting to end ltd company

[cuddly61]

So my brother and I inherit my late aunts house.we decide to rent it out.my brother already own a business and persuaded me to set up a ltd company only pointing out the benefits of this he made no mention of corperate tax or account fees. As his previous job was dealing with big contracts etc I thought he would be able to do the books.
But now I find out about all this and I’m not happy I’m losing nearly £50 a month out of my share of the rent which is my only income.
My brother is refusing to shut down this ltd company so we can just have the rent paid into a normal bank account then split it between us.
He said he will buy my shares in this company but I want to keep my half of the house and the rental income and just close this ltd company down as I feel he did not tell me of these outgoing expenses knowing I have no understanding of business.
I fear he persuaded me to this ltd company for his own benefit as he already has another business ,I myself am under the tax threshold if I was just getting my share of the rent normally without being a ltd company.
Can I demand we close this ltd company down ,as I said he is refusing but offered to buy me out .

Who are the accountants - perhaps you could speak to them? If the rental income (or 50% of it) is your only source of income, then a Ltd company is not the most tax-efficient way of doing this for you.

Sorry, but you're deadlocked, which is very common and why 50:50 is usually discouraged. You can't force him to do anything - he can't force you to do anything. Basically, unless you can negotiate with him, you're stuck where you are.

You should never get involved with something you don’t understand.

Trouble is my brother only told me the pros ,we had a big row as I pointed out he benefitted being a tax payer but I didn’t. He threatened to dissolve the company and I would have to pay the costs and maybe compensation to our tenants and the house would be sold as he did not want to buy my shares. It all got very nasty. I didn’t even know until I went to make my will as it is now a ltd company the company owns the house not my brother or I although we both directors.
The reason why I signed all the paper work etc was I trusted my brother that he was doing it to safe guard me as at the time my sons was contesting our late aunts will and one of my sons kept going on at me wanting money and I brother was worried I would give in to my sons demands.

As I understood it when signing we was both directors but noticed only a few months ago he had put me down as company secretary saying someone had to be the company secretary why does this make a difference

You need a Company Secretary yes, but a director can fill that role too. So you could have two directors, one of whom is the company secretary as well.

If he is the sole director, then only he can take decisions, so in 'protecting' you, he has essentially done what he said he was trying to prevent your son from doing.

Do you have equal shares in the company? Can either of you sign on the bank account, or just him?

A house can be sold with sitting tenants, so you wouldn't have to pay compensation. Besides, any debts would be the company's debts, not yours. So all costs would come out of the proceeds of the sale, then what's left would be split between you according to how many shares you each hold when the company is wound up.

You really need some legal advice here.

Probably better to sell the house and then buy your own independent of your brother.

You actually don’t need a company secretary nowadays.

If I were you I’d go and get some legal or accountancy advice and take all the paperwork with you.