Need to get out of a company...

[dx4100]

Hi All

I started a company last week and to be frank it was a mistake and I want out.

How do I go about backing out ?

I have 50% of the shares and I am listed as a director.

Do I have to sell the shares or can I simply give them up ? And to resign as a director do I simply just tell companies house ?

Any advice welcome

Thanks

[blacjac]

Hi All

I started a company last week and to be frank it was a mistake and I want out.

How do I go about backing out ?

I have 50% of the shares and I am listed as a director.

Do I have to sell the shares or can I simply give them up ? And to resign as a director do I simply just tell companies house ?

Any advice welcome

Thanks

Gift the shares to the other director, download a form of the net to do it. Then tell companies house you have resigned via their online submissions.

Job done, I believe.

[sweetandsour]

Hi All

I started a company last week and to be frank it was a mistake and I want out.

How do I go about backing out ?

I have 50% of the shares and I am listed as a director.

Do I have to sell the shares or can I simply give them up ? And to resign as a director do I simply just tell companies house ?

Any advice welcome

Thanks

Remember that Director and Shareholder are completely different roles.

The Director has legal responsibilities.

The Shareholder has limited liability (that's what the whole limited company thing is about).

What are you trying to get out of may I ask?

[dx4100]

Gift the shares to the other director, download a form of the net to do it.

Any links ? Struggling to find...

[blacjac]

It would have helped had I included the name of the form...




http://www.google.co.uk/search?hl=en...tryGB&aq=f&oq=


I have used these twice, once to gift shares to someone else and once to sell shares, if memory serves you only have to complete page 2 if you are gifting them, however both times I have used them I did so under guidance from my accountant, which I would reccomend.

[MPwannadecentincome]

you 'started' a company but have 50% shareholding - that is quite an undertaking didn't you do any due diligence?

If you are that worried resign from the directorship so that you minimise any possible liabilities

[dx4100]

you 'started' a company but have 50% shareholding - that is quite an undertaking didn't you do any due diligence?

If you are that worried resign from the directorship so that you minimise any possible liabilities

The mucky details aren't important. I have resigned and just need to transfer everything over which I am in the process of doing.

What has gone on has nothing to do with due diligence its more about a personal relationship turning sour. Nothing more...

Thanks for all the advice so far..