I want him out of my limited company and as it is only a small company I cannot afford solicitors. I was hoping someone would be able to help me who knew about the law in the UK.
I have repeatedly contacted him about this but he is so lazy and unreliable he can't even reply to my messages - what can I do? He owns a 40% stake. Ideally I do not want to fall out with anyone, I just want my company back so I can get on with my work.
2007-03-14 04:00:05 · 12 answers · asked by AlexChappel 4 in Business & Finance ➔ Small Business
Thanks to all those who suggested me buying him out. The problem is, he is not replying to my messages or suggestions productively. Can I force a buy-out?
Other suggestion so far are great. Keep em coming!
2007-03-14 04:27:33 · update #1
My partner does not want to do any work - unbelievably, he has actually said this recently! But I would not have brought him in if it was not for his agreement to participate.
I am unwilling to accept a solution that involves him making any money without participating.
2007-03-14 04:45:18 · update #2
To be honest im in a bloody mess right now with my partner but i suggest go to his house and make him see you - say :
1. Do you want to work / be involved ?
2. Will you sell your share to me so i can move on/forwards,
If he says he wont sel and wont work tell him your going to shut up your side of the business and sit on YOUR butt and do nothing so his 40% share will become worthless. I dont know if you can bluff this but it may scare him - 40% of nothing is not a good idea so he may be forced into selling his share to you to protect his money.
Goodluck ;)
2007-03-14 07:14:14 · answer #1 · answered by celebrityhandbags 3 · 0⤊ 0⤋
I had a similar situation which I let drag on. What I didn't know was the reason they were dragging their heels was cos they didn't want the company to suceed! They emptied the joint bank account & left me with all the mess... so I agree totally with the previous answer- you should resign from the existing company stating your reasons as simply as possible, in writing, then set-up a new company, new name everything! That need not cost a bundle these days- just look in the Yellow pages.
Good luck!
2007-03-14 04:13:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I assume you own 60% ?
Start a new Company with some-one more reliable.
Pay yourself a reasonable wage from the old Company until there is nothing left. Then dissolve the old Company (sell any remaining assets at a market price to the new Company)
2007-03-14 04:11:42 · answer #3 · answered by Steve B 7 · 0⤊ 0⤋
If I was in your shoes I would open another limited company and start trading under your new company guise , once your partner realises his income has gone down and questions this, then this is then an ideal time to point out for minimum effort you get minimum pay and if he intends to continue the partnership then you must draw up an agreement legally making him /her work or dissolve the agreement .Sorry I am not a lawyer so this is purely advice.
2007-03-14 04:06:34 · answer #4 · answered by Paul Sabre 4 · 3⤊ 1⤋
Go to his house and talk to him about his lack of participation in running the company and say that he needs to pull his weight or you will have to consider you position in the company.
You could opt to try and buy him out or sell him your share and then setup again on your own. Unfortunately you are likely to need lawyers at some point as I get the impression he is not likely to play ball.
2007-03-14 04:07:23 · answer #5 · answered by Anonymous · 1⤊ 1⤋
1
2017-02-28 04:58:47 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Ask a solicitor or better still the c.a.b.(free) and they do have experts in this field.You must know that you either buy him out or disolve the partnership,If I was you my first call would be the c.a.b.put your cards on the table and tell them you need the least expensive way of getting rid of a useless partner.Good luck.
2007-03-14 04:13:13 · answer #7 · answered by john764736 1 · 0⤊ 1⤋
Buy him out then...or if you can't afford to do that...sell him your share of the business and open up your own
2007-03-14 04:09:46 · answer #8 · answered by robbie2749 2 · 0⤊ 0⤋
Tell him to take a back seat. he's as good as doing that anyway.
You can take on an assitant manager to do his share of the work on the condition there wages comes from his share of the business. That way, he doesnt have to bother doing any work, can sit back, still reap a financial benefit with someone else doing all the work and worrying for him.
2007-03-14 04:07:46 · answer #9 · answered by trickyrick32 4 · 0⤊ 3⤋
I dont know much law, but why not offer to buy his shares over at market rate?
just a suggestion
2007-03-14 04:06:42 · answer #10 · answered by Johnny Tan 2 · 0⤊ 2⤋