Business Partners

[milly19]

Hello all

If anyone can advise i would be greatful

The company has 3 Directors, one is intending to take back his capital and wants nothing more to do with the company, the other director is saying they have had enough and wants to call it a day, i would like to keep the company going and could do this on my own.

We have been trading a year and have broken even while manageing to pay ourselves a wage, there is no profit in the company to share and no assets to divide, can i still trade even if they want out?

Many thanks

Milly19

 

[Williams lester]

You can carry on, but if you pay dividends, the other shareholders will be entitled to them also in proportion to their shareholding.

 

[globalgolf]

Hello all

If anyone can advise i would be greatful

The company has 3 Directors, one is intending to take back his capital and wants nothing more to do with the company, the other director is saying they have had enough and wants to call it a day, i would like to keep the company going and could do this on my own.

We have been trading a year and have broken even while manageing to pay ourselves a wage, there is no profit in the company to share and no assets to divide, can i still trade even if they want out?

Many thanks

Milly19

Yes you can, if you are a director and have shares you can continue with the business, you need to ensure that they are removed from the registration documents and sign a contract that they have no claims to the company

 

[globalgolf]

Ensure that they sign all relevant documents and remove their signature from the bank accounts

 

[milly19]

Many thanks to you all for the advise

Milly19