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WA Leaving Retail Business Partnership - Will I be Liable for Anything?

Discussion in 'Commercial Law Forum' started by BelPeppa, 28 July 2015.

  1. BelPeppa

    BelPeppa Member

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    I am in a small business. Due to the close down on 30th November 2015 and I want to leave the business early. My name is not on the commercial lease, but it is attached to the business ABN - will I be liable for anything under commercial law if I leave early?
     
  2. BelPeppa

    BelPeppa Member

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    The business is a small retail book exchange - the only assets would be any books in stock - and only for thier resale value which in the current reality is quite poor in alot of instances. Some of the collectables may fetch more but is strongly dictated to by customers percieved value.
    There are no debts and no employees as we split the workload between us.

    I'm not entirely sure but I think it is catagorised as a partnership for tax purposes.
     
  3. DennisD

    DennisD Well-Known Member

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    Based on first glance, if the business is on the lease and you are the registered business owner, effectively you will be liable under the lease.

    That seems natural enough. Have I missed an important detail here? I am assuming the business is on the commercial lease.
     
  4. BelPeppa

    BelPeppa Member

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    Thank you for your response.
    That is the thing I'm finding confusing. My business partner's name is on the lease but not mine.
    My name is attached to the ABN along with his. In this case it means his and my names are printed on the transaction roll when a EFTPOS printout is made, not the actual shop name. It is a commercial lease as it's retail.
    Sorry if I sound ignorant - but I simply am.
     

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