Stepping away from a company as a director…
Discussion
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 !
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
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