Recent content by Pitman

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    Transferring my shares to my business partner

    I got some legal advice. Just in case this is useful for anyone I'll repeat it here. The shares can be gifted or sold back to the company. The company needs to be careful that it doesn't incur tax, whichever way. One way is to use 'distributable reserves', which I understand is money...
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    Transferring my shares to my business partner

    Thanks Ozzy. The shares were valued for an EMI scheme a while back so I suppose that would be the current value that I'd have to be paid for them unless they were re-valued. Alternatively I could gift them to my business partner but then he'd be liable for the tax.
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    Transferring my shares to my business partner

    For the last ten years I've run a company with my business partner. We owned the company 50/50. From the shareholder's agreement: The Company is a private company limited by shares and has an authorised share capital of £10,000, divided into 100,000 ordinary shares of 10 pence each 50,000 of...
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    Need advice returning my shares to my biz-partner.

    Thanks for the reply. I know that I'm still liable for the debt. The overdraft expires in September whereupon I'll have to buy myself out by paying what's due.
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    What next 8 years on?

    I find that if someone's at the top of their game but still a salaried employee, then approaching them and offering equity will feel like a step up the career ladder, particularly if they're entrepreneurial, which is what you're looking for. I have no idea what your business is but if it was...
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    Need advice returning my shares to my biz-partner.

    I'm founder and 50% shareholder of a UK business. I've moved away from the business and would like to return my shareholding to my business partner as part of the settlement. Right now, those shares aren't worth a lot of money, i.e. I doubt anyone would pay much for them. According to the...
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    Stepping down as a director

    I'll do a quick follow up in case anyone googles for it. The majority of the legal advice was "you'd be nuts to resign while your personal guarantee is still in place". In practice, resigning as an employee felt fine. As Graham points out, I needed to check that my employment contract...
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    Stepping down as a director

    Thanks Suzuki. Their professional opinion is to remain a director, but that isn't enough to make my business partner happy. I think it's going to come down to a gut call. I'll work it out :)
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    Stepping down as a director

    Just finished a board call. The consensus was that I should resign as an employee. I'm not showing up at work, I'm not being paid, I'm not contributing to the business. I'm really not an employee. Additionally, it causes some confusion in the business with the staff and clients. It would be...
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    Stepping down as a director

    Thanks Chris. I don't think anyone would loan the company £100K at the moment. I think you're right. The other two members are advisory board so I don't think they can remove me. I don't think they would anyway. The overdraft comes up for renewal in September, so I think it's best that I keep...
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    Stepping down as a director

    Thank you. Potentially my departure could set off alarm bells with the bank. Depends on how it's framed and the prospects for the business. The bank have indicated that they'd probably secure an overdraft exclusively on my business partner, but they need to do a lot more checks first...
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    Stepping down as a director

    I’ve run a business with my business partner for the last ten years. It’s been very successful in that time and we’ve taken good money out of the business, but for the last couple of years revenue and profit have been down. We own the business 50/50. Last month I decided that I didn’t want to...
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