Stepping away from a company as a director…

Stepping away from a company as a director…

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Discussion

Timetoleave

Original Poster:

373 posts

187 months

Saturday 13th April
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Help please. Parent company is 100% owned by me with partner as company secretary. Separate company is 51% owned by that same person (company secretary) and 49% owned by me. It operates out of a premises leased by my company who also established the business - £100k input. I wish to leave the business I am 49% owner of - artistic differences ! I think I have 2 options :- agree a buy out sum or stay sleeping partner and take 49% of any earnings. Caveat - partner and I are married !

Timetoleave

Original Poster:

373 posts

187 months

Saturday 13th April
quotequote all
Thanks. I’m happy to carry on holding my 49% shares and not demand / expect payment. Can they create a new class of shares and effectively reduce my status . Make me non-cumulative ?

Timetoleave

Original Poster:

373 posts

187 months

Saturday 13th April
quotequote all
Eeek. So presumably as 100% owner of the company who owns the lease I could ask them to leave my premises ?

Timetoleave

Original Poster:

373 posts

187 months

Monday 15th April
quotequote all
Many thanks, all. Spoke to accountant who made the interesting point that the “parent” company is 100% held by me, and, because the other part of the business is effectively a dormant company (not filing its own, separate accounts) in the event of any legal dispute I would be deemed to the controlling Director. The accountant also made the very good point that if ever there was such an unpleasant situation that it led to divorce none of the theoretical discussion would matter as we’d both get 50% in a normal settlement !

Edited by Timetoleave on Monday 15th April 23:34