Recent content by James uren

  1. J

    Putting van costs through books

    Hi folks I have recently become a sole trader.. i have a van that i use mainly for work, But i do use it outside of work as its my only vehicle. Probably an 80/20 ratio.. My van is still currently being off off to which the payments end next year. Apart from milage, am i able to run any van...
  2. J

    Restrictive covenants

    I cant simply just resign as i have no leverage on selling the shares . Resigning as an employee and leaving my directorship in place until the sales have gone through seems to be my best option. There is now a document drafted up and sent out by the solicitor stating i must not take existing...
  3. J

    Restrictive covenants

    Thanks for the reply Ian This restriction has not yet been drafted, but has been brought up verbally. It would be that i cannot contact any of the companies clients (poach) after i have left. I do know that she would want it for the maximum term possible. I have to add that i have no interest...
  4. J

    Restrictive covenants

    Thanks for thr reply Mike. However i dont think resigning as a director and leaving my shares in place are a good idea. Ive read somewhere that doing this could mean the remaining director could decide to not pay herself dividends and take a wage instead.. She would do this out of spite!
  5. J

    Restrictive covenants

    I forgot to add, that if my business partner and i can not come up with a resolution because she is being difficult and we are at deadlock, Can i hand my notice in as an employee and keep my directorship until a resolution has been reached? are there any rules to comply to with regards to this...
  6. J

    Restrictive covenants

    Afternoon. With regards to a restrictive covenant such as that i'm not to contact any of my current companies clients when i resign as a director.. How long can these be enforced for? I have been in my industry most of my life and its "what i do" so i dont think i can be forced to not work in...
  7. J

    Business sale

    Thanks for your input. We absolutely do have the funds. Our accountant has confirmed this. Strange that my solicitor has not brought up the fact my business partner does not need to loan from the company as it can afford to buy the shares. I completely get what you are saying and thats exactly...
  8. J

    Business sale

    My solicitor has written all that up but not yet sent it to her. He said she will have to loan from the business to buy my shares but she will just see that its costing her more long term than the share buy cost. For example if the cost of my shares is 50k, and leaving 80k left in the business...
  9. J

    Business sale

    Yes we did. The amount was put forward from our accountants. The company can afford it, but i heard today that she will need to loan from the business to buy my shares, and i can see that she is going to look at that as an ongoing debt and/or that its going to cost her long term more than the...
  10. J

    Business sale

    We used our accounant. We both agreed on the price verbally, but today i heard that she will need to take a loan from the business to buy me out, and i can already see that this is going to cause an issue as she will feel she has to pay it back. The company can afford the buyout
  11. J

    Business sale

    Thank you for your replies. The valuation was done by our accountant and my business partner also spoke to them about it and the figure was deemed fair. I even dropped it a few thousand to be more appealing. She wishes to keep the company and she knows i want to sell my shares to her
  12. J

    Business sale

  13. J

    Selling my 50% shares to other 50% shareholder

    Hi folks I am leaving my company to which i am a 50% shareholder and a 1 of 2 directors. I am to be selling my 50% shares and resigning. I have a solicitor involved who threw a bit of a curve ball at me today. My co director/shareholder will apparently need to loan off the business to buy my...
  14. J

    Business sale

    Hello everyone. Ive seen various post on this but none that completely apply to myself. I am a 50/50 shareholder & director of an engineering company thats been running for 6 years now. I want to exit the company so have done the required solicitor things and previously got a price evaluated for...
See more
Top Bottom
Community
Articles
Menu