- Original Poster
- #1
Hi All,
ok here goes... me and my brother both were working for a company and got made redundant. From the redundancy money we both put in £8500 each into starting our own business. We had to undergo retraining. My training was £1500 and his was £3000. we also bought a van, tools, parts etc etc. and had about £2500 left over. As we only set up in July, we used this money to pretty much pay ourselves for the first month or so.
Since then business has been slow to pick up, and to be honest I am not in a position to keep drawing a minimal wage of a few hundred £ a month, I have decided to leave the business. I have put this in writing.
I have a few questions, as my brother wishes to continue with the business without me:
1. He has offered me a payment of £1100 to 'buy my share of the business', as he states that the assets arent worht that much (and to be honest with the tools being second hand now he is possibly correct here). Is this all he has to pay on top of any monies in the bank acount?
2. He is stating that registration fees etc would be deducted from any monies owed to me, as I could still have use of them, even though I dont want them.
3. he is saying that I need to file accounts with companies house now and also at the end of our business year (march) is this right?
4. He also stated that if I want more money than the £1100 then he will just withdraw from the business also and set himself up again, and we will both not get even that much. In our partnership agreement it does state:
6. In our partnership agreement it also states that should a partner withdraw from the business they will not be able to partake in activities of the business within a 10 mile radius of where we currently do business. If we both leave the partnership, does this still apply??
ok here goes... me and my brother both were working for a company and got made redundant. From the redundancy money we both put in £8500 each into starting our own business. We had to undergo retraining. My training was £1500 and his was £3000. we also bought a van, tools, parts etc etc. and had about £2500 left over. As we only set up in July, we used this money to pretty much pay ourselves for the first month or so.
Since then business has been slow to pick up, and to be honest I am not in a position to keep drawing a minimal wage of a few hundred £ a month, I have decided to leave the business. I have put this in writing.
I have a few questions, as my brother wishes to continue with the business without me:
1. He has offered me a payment of £1100 to 'buy my share of the business', as he states that the assets arent worht that much (and to be honest with the tools being second hand now he is possibly correct here). Is this all he has to pay on top of any monies in the bank acount?
2. He is stating that registration fees etc would be deducted from any monies owed to me, as I could still have use of them, even though I dont want them.
3. he is saying that I need to file accounts with companies house now and also at the end of our business year (march) is this right?
4. He also stated that if I want more money than the £1100 then he will just withdraw from the business also and set himself up again, and we will both not get even that much. In our partnership agreement it does state:
5. I would like to know if I can count any costs toward advertising to add on to the amount of assets, as we are advertised on Yell.com and spent quite a lot on leaflets etc that obviously he will still be benefitting from this going forward.
6. In our partnership agreement it also states that should a partner withdraw from the business they will not be able to partake in activities of the business within a 10 mile radius of where we currently do business. If we both leave the partnership, does this still apply??
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