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Fresh Threads: Online banking, self-education and gaining control of a business

  1. Jas Sensi

    Jas Sensi UKBF Newcomer Staff Member

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    Hi UKBFers,

    Welcome to Fresh Threads, our weekly roundup of the most popular threads, comments and advice from the forums.

    Here are my top picks from the past week.

    1. Online banking logout time

    Lucan Unlordly
    Is there an industry standard for automatic logging out when accessing online bank accounts? We are with HSBC and the log out is set at five minutes. It is a pain in the arse when multitasking.

    UKSBD: I'm with Lloyds. It is one of my pet hates how quickly it logs you out. It does give a warning, but if you’re doing other things it's easy to miss it. I've asked before if there is a setting anywhere where you can adjust it, but have never found a way.

    KM-Tiger: There is an auto-reload extension for Firefox. That might keep you logged in.

    fc-ramon: With security, you lose convenience and with convenience, you lose security. It's all about that balance, it just happens to be that balance is a five-minute log out time.

    Nico Albrecht: Search for the industry standard to lock your house door and you got the answer. It's your responsibility to lock your house door and if not the house insurance might see an issue there during a break-in. 

    2. Gaining control of my business from my drug-addict partner

    My partner is under the influence of drugs is incompetent to run the company. He makes poor decisions, lacks concentration and work ethic, and generally is a poor employee. He does recognise this and wants to step back from his role.

    We have 50/50 shares in the limited company, but we do not have a partnership agreement. Given that this is a limited company and he is a 50% shareholder, what is the quickest and most efficient way I can gain full control of the business?

    Martin Patfield: Buy his shares.

    Mr D: He resigns as a director. Still owns shares. So up to you and him to agree on an amount for you to buy his shares from him. Or leave him with the shares.

    Chris Ashdown: Just get him to resign as a director on paper, and transfer the share money agreement also on paper. Might be a good idea to have a solicitor involved to draw up the papers and witness the signing. 

    stedurham: If he knows he has issues, can you not as a friend help him off the drugs.

    3. Books and self-education

    Just wondering what resources people use for learning about business without wasting time learning through their own experience?

    Mr D: Find a main library with a business section - not just books but reports etc. You may need to go to a big city to find one. I would also recommend making loads of notes.

    billybob99: The dictionary is a good one.

    atmosbob: There are no good business books otherwise everyone would be a successful business. I have found that mind-expanding books are better at giving a broad perspective.

    The Byre: For the past two or more decades, everyone and their mothers-in-law seem to have been setting themselves up as gurus, consultants, advisors, whatever and of course, then writing some book telling the world how damn clever they are. Ignore them and ignore MBAs and other useless courses.

    4. Customer lists following insolvency 

    Bobs ur Uncle

    I am in the process of dissolving my limited company. 

    My partner plans to start a new company as a sole trader, still in the same market, and selling similar products. My question is, would we be allowed to change the Facebook name of my previous business page and continue under his new business name? And the same with the email list I have built up – will he be able to use it?

    Mr D: Is the Facebook page transferable to a different person? Regarding the email list – they opted in to the limited company to contact them. Not a different person.

    Lisa Thomas: You haven't simply changed name, the assets are transferring to a separate legal entity. The company and your partner need to take great care not to breach GDPR legislation.

    Ray272: I thought you could not do this. Just dissolve a company and then restart under the same Standard Industrial Classification (SIC).

    fisicx: You can't change your Facebook page name. And you can't transfer the account to another person. All you can do is give them the login. Dissolve the company and they can just continue to trade under the same name.

    That's all for this week – have a great run into the weekend!