Selling out of a limited company (help needed)

[Student sail]

I need some advice concerning selling out of a company that i need to sell out of.

It became a limited company late last year and all was going well, but due to a recent disagrement between myself and the other director i want to get out of the business imediatly.

The other director has given me an offer for my shares which I have excepted. What do I need to do in regards to paperwork? I guess I start with a letter of resignation as director, but what do i need to send to companies house (to transfer my 50% of the shares to him) and the other director to finalise it?

Any help on this matter will be greatly apprieciated.

Chris

[Alpha]

To resign as a dircetor you need to fill in form 288(b) and send to companies house.

To transfer your shares for value you would need to complete a stock transfer form and send it to the local HMRC stamp office (address available on HMRC website) along with a cheque for the required value. They will stamp the form and return it. You will then need to send the form along with your share certificate to the company secretary for recording in the company register.

The transfer will be notified by the company secretary to companies house on the annual return. :D

[Antonia @limeone.com]

You should also ensure your departure is documentaed in an agreement, this will cover the terms of your departure and also indemnify you against problems in the future.

We can provide these and can deliver the documents in most cases in under 4 hours from receipt of payment and instructions.

Let us know if we can help, info@limeone.com