After 18 months trading it was obvious we were getting in a rut, partner wasn't willing to adapt the business(Upmarket take away). This caused the split. The business was profitable but is getting in to cash flow difficulties. I went back to full time employment, how does this affect my rights. i put up the original money for lease etc.. Now he is refusing to even dicuss resolving the matter.
2006-12-18 02:21:57 · 4 answers · asked by yorkie71 1 in Business & Finance ➔ Small Business
Ok a few points for you to consider..........
1. Who has control of the company. What I mean by that is who owns all of the share capital of the company ? You can find this out from Companies house or check your documentation from when you incorporated the Company.
2. Seek legal advice from a good accountant or solicitor they will point you in the right direction and the best way for you to recover any Capital invested in the Company.
3. Who are the Directors of the Company ?
This really is a potential minefield so it is worth paying for good advice if you wish recover any amounts due from the Company. Dont get stung, get some good quality advice.
Good Luck.
2006-12-18 05:37:00 · answer #1 · answered by veilofmistiness 2 · 0⤊ 0⤋
Warning! Do pay attention to the advice you have got in the other answers, but please see a solicitor quickly, and act immediatly. Despite the fact that you may at this stage be worrying about losing your initial investment, I am afraid it can get worse. As a director and shareholder you are held responsible for the company, even if you are not the one trading recklessly!..I hope the lease is in your name, and not the companies....Your relationship with this 'gentleman' is unfortunately a long way from over!
2006-12-18 16:32:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think you need to talk to your accountant. Good luck
2006-12-18 10:24:35 · answer #3 · answered by Scotty 7 · 0⤊ 0⤋
firstly, did you draw a partnership agreement. if so , thatl tell u wat ur entitled too...if not....u may be screwed...
if its that bad...then y dont u just sell the lease without the other person knowing....then let him screw....
or, finally....liquidate ur company.....and take ur dues
2006-12-18 11:01:43 · answer #4 · answered by Pat 4 · 0⤊ 0⤋