Hi,
I hope somebody can help me, please.
Qn: 1
I have a dormant company which has 100 ordinary shares issued - 51 26 in my name and 26 in wife's name, 24 in daughter's and 24 in son's names. The aim is to buy a property in the companies name. I suppose all the shares are entitled to dividends or any other distribution and also distribution on winding up.
I would like to reclassify the shares so that my children are not entitled to dividends and ditribution on winding up ( or for non entitlement to dividends only ) Model articles were accepted in setting up the company. I understand that the childres's shares have to be classified as B ordinary shares ? Which forms do I have to fill in and submit to companies house etc ? Do I have to amend the articles also ? If so what wording should I use and can I send them to Companies house online ?
Qn 2 - We have another small company which had been trading for couple of years with the share holding the same as above. For this company also we want to reclassify the childrens's share as not entitled to receive dividents. Is the process the same ? Are there any tax implications ?
Thank you
JP