Limited Company Question
Discussion
I own a 50% share of a Limited Company.
When it was formed we planned not to take a salary but divivend at the end of ech year.
My co-director wishes to have nothing to do with the company and has now disappeared.
I also have another completely separate company.
I need to get some of the money out of the company #1.
Is there anything illegal, fraudulant or wrong with company #2 invoicing compnay #1 for "services" and then me as director of company #1 paying company #2?
When it was formed we planned not to take a salary but divivend at the end of ech year.
My co-director wishes to have nothing to do with the company and has now disappeared.
I also have another completely separate company.
I need to get some of the money out of the company #1.
Is there anything illegal, fraudulant or wrong with company #2 invoicing compnay #1 for "services" and then me as director of company #1 paying company #2?
Do you have an address or any other contact for him?
It looks to me that he has no financial stake in the company at the moment.
I would take what you can out of the company and then allow it to be closed down by Companies House through the cheap Striking Off process.
If you want to keep its name for commercial purposes, I would suggest that you rename the current company with an alternative name.
Then set up a new comnpnay (all your own) using the now available old name and continue trading from there.
It's a bit of a palaver but it would allow the old company to fade out gracefull without having to worry too much about the obviously disinterested other party.
It looks to me that he has no financial stake in the company at the moment.
I would take what you can out of the company and then allow it to be closed down by Companies House through the cheap Striking Off process.
If you want to keep its name for commercial purposes, I would suggest that you rename the current company with an alternative name.
Then set up a new comnpnay (all your own) using the now available old name and continue trading from there.
It's a bit of a palaver but it would allow the old company to fade out gracefull without having to worry too much about the obviously disinterested other party.
Worst "my business partner's wearing concrete overshoes" post ever 
I was company secretary for a florist (Ltd). One of the directors threw his keys down and flounced off with a "stick your flowers up your arse" and was never seen again.
The now sole trader liquidated the assets, emptied the business accounts, worked 'cash only' (ie no card transactions) for a week or so, renamed the company(1), opened new bank and credit card terminal accounts and signed a new lease. Within a fortnight it was as if the old company and the other director had never existed. Better still the new company legally claimed VAT relief for 'startup expenses' for the fixtures, fittings and stock!
(1)From G******* Florists to G*******'s Florist
I was company secretary for a florist (Ltd). One of the directors threw his keys down and flounced off with a "stick your flowers up your arse" and was never seen again.
The now sole trader liquidated the assets, emptied the business accounts, worked 'cash only' (ie no card transactions) for a week or so, renamed the company(1), opened new bank and credit card terminal accounts and signed a new lease. Within a fortnight it was as if the old company and the other director had never existed. Better still the new company legally claimed VAT relief for 'startup expenses' for the fixtures, fittings and stock!
(1)From G******* Florists to G*******'s Florist
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