Hi, I really need some advise please. I started a recruitment agency three months ago with a business partner and an investor. Due to a relationship breakdown I no longer wish to work with the limited company, I am a Director with my BP, we both hold 24% and the investor 52%. I have class A and B shares within the company. If I resign will I loose my shares? Or am I wiser keeping things as they are with companies house and not playing an active part in the business? I do not wish to be involved any further as I am setting up to trade as a sole trader and want to avoid any complications.
thank you
Replies (16)
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What constitutes a complication for you? Seek paid for professional advice. Why ask a bunch of useless wasters on the internet? Seriously!
I imagine your own accountant and solicitor aren't currently available, and you need to sort this out right now.
I will live dangerously until then and revert to my usual spot in the naughty corner in the morning then.
I'm learning Spanish. Comes cangrejos como un cochon. I haven't figured out how to do letters with accents over them though, which can leave things a little ambiguous.
This will help
https://usefulshortcuts.com/alt-codes/accents-alt-codes.php
Wouldn't want your insults to be ambiguous. -p
In my experience, users of recruitment agencies pretty much get the service they deserve.
I did say most, not all. I would never use most of them. Fortunately I know who the good ones are.
I did say most, not all. I would never use most of them. Fortunately I know who the good ones are.
I expect they know who you are, too.
No you will not lose your shares if you resign as a director. Your position as a shareholder is completely separate from your position as a director.
You don't lose your shares however if there is a shareholders agreement in place, there could be a provision to hand over shares in certain scenarios.
Is there a shareholders' agreement? If so, have you read it?It is entirely possible that this includes a provision for what happens if someone decides to leave the business.
You are assuming that you will have a choice what to do, but that may not be the case. Put it another way, if you were staying and both the others were going, would you want them to retain part ownership of the company?
It's worth checking the Mem & Arts. I've known them that state a shareholder will have to sell their shares on ceasing to be a director