N
norms89
New Member
Hi,
I hope you are all doing well.
I am a 50% shareholder in a warehousing company with a turnover of approx £2 million based in the UK.
Myself and a friend started the firm in 2014 and we have had some great times and built the business together.
We have not fallen out in any way but I would like to pursue a different career path in a different industry (a charitable venture).
I wouldn't want to sell my 50% shares to someone whom my business partner doesn't know and who might come in and destroy what we have built together. The business also hasn't got enough cash reserves to buy me out.
I am bored stupid. What I used to love doing now just fills me with dread and I spend my days just going through the motions with no motivation.
If I was to resign as a director and pursue the other things I would like to do but still help out in the current business when needed would I still be entitled to dividends?
We have no bespoke shareholders agreement in place. We just have a generic agreement that was set up years ago.
If I wanted to leave and pursue another venture (which would actually be a non profit) and still held my 50% shares am I still entitled to any dividends? Obviously I would give up my PAYE salary that I currently take and I would hand my car etc back but I was wondering where I stood legally if I was to simply resign as a director.
Any advice is much appreciated
Kind regards
I hope you are all doing well.
I am a 50% shareholder in a warehousing company with a turnover of approx £2 million based in the UK.
Myself and a friend started the firm in 2014 and we have had some great times and built the business together.
We have not fallen out in any way but I would like to pursue a different career path in a different industry (a charitable venture).
I wouldn't want to sell my 50% shares to someone whom my business partner doesn't know and who might come in and destroy what we have built together. The business also hasn't got enough cash reserves to buy me out.
I am bored stupid. What I used to love doing now just fills me with dread and I spend my days just going through the motions with no motivation.
If I was to resign as a director and pursue the other things I would like to do but still help out in the current business when needed would I still be entitled to dividends?
We have no bespoke shareholders agreement in place. We just have a generic agreement that was set up years ago.
If I wanted to leave and pursue another venture (which would actually be a non profit) and still held my 50% shares am I still entitled to any dividends? Obviously I would give up my PAYE salary that I currently take and I would hand my car etc back but I was wondering where I stood legally if I was to simply resign as a director.
Any advice is much appreciated
Kind regards
