Change of legal entity
We are currently registered with HMRC as a Partnership but my partner wants to be removed if possible. I can either change to Sole-Proprietor or go Ltd, I’m just looking at the benefits of both.
I have checked my account and it states just a company name - which would not change if going to SP. When I click on the Legal Entity link I get an error telling me that I am not allowed access, so I don’t know what this states.
I would like to leave my partner as Beneficial owner on Amazon if possible as he will still help in the business in an emergency.
So, if I decide on SP do I need to do anything on Amazon as it states business name?
If I go Limited, what do I need to do on Amazon and likely timescales as I assume Amazon will suspend us for a while?
Either way I need to change the bank account as it is in joint names T/A company name. If I stay as SP, after telling Amazon of the new bank details, what will happen?
Sorry to fire out questions, any advice / experience would be gratefully received
2 replies
Seller_7VbclcPFFRTnc
It would as as a Sole Trader, it needs to be your own name as that’s how HMRC identify STs - the business name just becomes your ‘trading as’
You can’t if they are no longer legally part of the business
You’ll need to change legal entity and go through verification again as the UTR on there currently is the partnership one and that needs changing to your own
Going ltd doesn’t always lead to suspension but you need all your paperwork in place first - including ltd company bank account
