Trying to dissolve a partnership but having difficulty communicating...

[Liam88]

After giving my business partner one weeks written notice, I have not had any response from him and now I want to take action. I want to start the process of relinquishing my position as director of the company and ask my solicitor to draw up the papers to sign over my shares to him. Therefore finally washing my hands of this partnership.

Is there anything I have not thought of, or any other points to take into consideration before I do this? I would appreciate any heads up or pointers/tips you could share with me. Thanks!

 

[HomeWrking]

How do you usually communicate with him - is the split acrimonious?

 

[Newchodge]

Have you signed any personal guarantees?

Are you absolutely certain you haven't signed any personal guarantees?

Might you have signed something without realising it was a personal guarantee.

Check again about perdonal guarnatees.

 

[Mr D]

Partnership or limited company?

 

[obscure]

....and ask my solicitor to draw up the papers to sign over my shares to him.

Are you selling them to him or just giving them away?

 

[Lisa Thomas]

It sounds to me like this is a Limited Company, not a partnership - please can you clarify?

What notice did you give the other Shareholder - was it of your intention to resign as a Director?

 

[Liam88]

How do you usually communicate with him - is the split acrimonious?

We would always chat via iMessage but then he started ignoring me so I tried to contact him via Facebook, email, his friends etc and still have no luck... this is why I'm in the position I am now.

 

[Liam88]

Have you signed any personal guarantees?

Are you absolutely certain you haven't signed any personal guarantees?

Might you have signed something without realising it was a personal guarantee.

Check again about perdonal guarnatees.

No I haven't. All I ever have done for the company is set it up to the norm basics and sign the basic paperwork. To be fair, as the company was never a massive established company I never even trademarked it so this is why I am going to get away from this limited company, then set up a new one completely in my name and then make sure I trademark, copyright it etc.

 

[Liam88]

Partnership or limited company?

Limited company.

 

[Liam88]

Are you selling them to him or just giving them away?

As there was no gain from being in the company or not as it wasn't trading well I had offered him to come out the company previously with no money involved, I just still had faith in the company doing well eventually... so wanted to carry on.

With having no response, I only have this choice now with coming out fully from the company and starting my own up! I had give him a weeks notice to get back to the original paperwork my solicitor sent him to sign and send back giving me his shares or I'll be leaving the company. As a bonus for him either way I'd be stepping away I offered him some (not a lot) of money too.

Still no luck so here I am...

 

[Lisa Thomas]

If you have given proper notice to resign as a Director then you can probably now resign and record the resignation at Companies House.

Are you giving your shares to him for free or trying to sell them to him?

He doesn't have to take your shares but you could still resign and keep the shares, assuming there will be other Directors left to run the Company?

 

[Liam88]

It sounds to me like this is a Limited Company, not a partnership - please can you clarify?

What notice did you give the other Shareholder - was it of your intention to resign as a Director?

Yes it's a limited company. Please see my previous reply but yes it is my decision to resign as a Director as I have no choice but to leave this limited company and start my own up.

 

[HomeWrking]

We would always chat via iMessage but then he started ignoring me so I tried to contact him via Facebook, email, his friends etc and still have no luck... this is why I'm in the position I am now.

Ok, so perhaps he is simply unreliable, life events, personal battles...give it time - but beware your credit rating because these partnerships do show up. If he is not at enmity with you try to resolve peaceably.

 

[Mr D]

As there was no gain from being in the company or not as it wasn't trading well I had offered him to come out the company previously with no money involved, I just still had faith in the company doing well eventually... so wanted to carry on.

With having no response, I only have this choice now with coming out fully from the company and starting my own up! I had give him a weeks notice to get back to the original paperwork my solicitor sent him to sign and send back giving me his shares or I'll be leaving the company. As a bonus for him either way I'd be stepping away I offered him some (not a lot) of money too.

Still no luck so here I am...

So are you leaving the company or is he?

Buying shares usually involves money, never heard that called a bonus for the shares before.