Reply to: Been trying to get my business partner out for nearly 7 months, now he's ignoring me!

[Liam88]

After giving my business partner one weeks written notice, I have not had any response from him and now I want to take action. I want to start the process of relinquishing my position as director of the company and ask my solicitor to draw up the papers to sign over my shares to him. Therefore finally washing my hands of this partnership.
Is there anything I have not thought of, or any other points to take into consideration before I do this? I would appreciate any heads up or pointers/tips you could share with me. Thanks!

[simes]

Surprised the second one wasn't just deleted...!

[WTFH]

mod note: Merged the two threads into one.

[Goosefeather]

I think it was mentioned in your previous post,

Why don't you get a solicitor to draw up papers to sign your shares over to him. Set a deadline for transfer and if he doesn't respond, the shares will be signed over to him anyway.

You relinquish director status.

Start a new company for 12 quid.

Free to go off and do your thing.

Caveat - I am not a legal bod, so seek legal advice in the first instance. DO NOT offer this guy any money. Ever.

[b0redom]

Keep up at the back:

https://www.contractoruk.com/forums/...ring-me-2.html

Did you do what was suggested?

[mudskipper]

Hey everyone,

So basically for the last 6 months I’ve been trying to get my business partner out the company… to cut it short it was because we had different views and he had lost faith in the company and I & still do, have all my faith in it. He agreed to come out, accepted via Companies House to step down as a Director so now it’s just me but when asking for him to sign some paper work that my Solicitor got together for him to sign under the terms the business going fully in my name and his shares go to me he’s never responded.

After doing my research he’s in a bit of trouble ATM so basically I now know he’s not going to bother messaging me back, also another reason as I think he’s got some legal advice under the information told that he can remain as a shareholder and if I was to carry on as normal with him still being a shareholder he can sit back and see the company grow and take his percentage of any dividends made and any money made if I sell the company.

It’s quite clear I won’t be carrying on with this company in this situation, after my previous help from you guys these are my options below:

Contact him offering any amount better than none under the terms he signs the papers and comes out of the company completely for good within a weeks notice. If he doesn’t ill resign as a Director and sign my shares over to him, leaving him with the company to deal with. (Also a much cheaper and stress free option for me)

Worst scenario starting a complete new company again. Only problem is just the time of doing it all and the cost set up compared to my first option, this way would cost a lot more with set up fees etc.

What do you guys suggest to that!? Any advice/similar situations… any comments are appreciated!

Many thanks,
Liam

Are you the majority shareholder?

[Liam88]

Been trying to get my business partner out the company for nearly 7 months!

Hey everyone,

So basically for the last 6 months I’ve been trying to get my business partner out the company… to cut it short it was because we had different views and he had lost faith in the company and I & still do, have all my faith in it. He agreed to come out, accepted via Companies House to step down as a Director so now it’s just me but when asking for him to sign some paper work that my Solicitor got together for him to sign under the terms the business going fully in my name and his shares go to me he’s never responded.

After doing my research he’s in a bit of trouble ATM so basically I now know he’s not going to bother messaging me back, also another reason as I think he’s got some legal advice under the information told that he can remain as a shareholder and if I was to carry on as normal with him still being a shareholder he can sit back and see the company grow and take his percentage of any dividends made and any money made if I sell the company.

It’s quite clear I won’t be carrying on with this company in this situation, after my previous help from you guys these are my options below:

Contact him offering any amount better than none under the terms he signs the papers and comes out of the company completely for good within a weeks notice. If he doesn’t ill resign as a Director and sign my shares over to him, leaving him with the company to deal with. (Also a much cheaper and stress free option for me)

Worst scenario starting a complete new company again. Only problem is just the time of doing it all and the cost set up compared to my first option, this way would cost a lot more with set up fees etc.

What do you guys suggest to that!? Any advice/similar situations… any comments are appreciated!

Many thanks,
Liam

[northernladuk]

Sorry I’m still learning on here. I just wanted my response shown to everyone who commented as the more help the better!

We can read the one post thanks.

[Liam88]

Why did you post the same thing three times?

Sorry I’m still learning on here. I just wanted my response shown to everyone who commented as the more help the better!

[WordIsBond]

If his life is in a rough spot, just write to him offering 50 quid (100 if you feel generous) to sign the papers. Tell him if he won't accept your offer and return the papers within a week, you'll resign as a director and sign over your shares to him, and he can have the company.

Then move on.

[northernladuk]

Why did you post the same thing three times?

[Liam88]

Simply shut down the old business and start up a new one - I am sure there are professionals out there who could assist with this easily enough!

If this is my only (within reason) option then to set up a new company, when working out a rough estimate how much it would be to set up a new limited company with a similar base setup to this one do you think it's worth offering him that amount to see if he'll accept that knowing if either way I'm about to setup a new company and let this one die he's only gaining a bit rather than nothing on a company that isn't trading at a plus!? Obviously if he says no or still ignores me I'll just carry on to accept this company is done and start planning on setting the new one out...

[Liam88]

This x 1000 its not like OP has a massive brand name as their calling card is it!

Sorry I should of wrote this more clearly!

It's not a minus, it's just not performing with a turnover. Reason why my business partner has give up putting money into the company and not resulting so soon...

Yeah it seems to only be right on setting up a new company then, as I think he may of had some legal advice too... knowing that when he agreed to come off as a Director and just a shareholder but still at 50% was a trick to be awkward with me and the risk with me carrying on thinking it was all in my name then say in a year or so he demanded a cut etc!?

If this is my only (within reason) option then to set up a new company, when working out a rough estimate how much it would be to set up a new limited company with a similar base setup to this one do you think it's worth offering him that amount to see if he'll accept that knowing if either way I'm about to setup a new company and let this one die he's only gaining a bit rather than nothing on a company that isn't trading at a plus!? Obviously if he says no or still ignores me I'll just carry on to accept this company is done and start planning on setting the new one out...

[Liam88]

FTFY

Sorry I should of wrote this more clearly!

It's not a minus, it's just not performing with a turnover. Reason why my business partner has give up putting money into the company and not resulting so soon...

Yeah it seems to only be right on setting up a new company then, as I think he may of had some legal advice too... knowing that when he agreed to come off as a Director and just a shareholder but still at 50% was a trick to be awkward with me and the risk with me carrying on thinking it was all in my name then say in a year or so he demanded a cut etc!?

If this is my only (within reason) option then to set up a new company, when working out a rough estimate how much it would be to set up a new limited company with a similar base setup to this one do you think it's worth offering him that amount to see if he'll accept that knowing if either way I'm about to setup a new company and let this one die he's only gaining a bit rather than nothing on a company that isn't trading at a plus!? Obviously if he says no or still ignores me I'll just carry on to accept this company is done and start planning on setting the new one out...

[Liam88]

I don't understand the plus and minus bit...

That said, can't You resign as a director from this company if there is nothing in it, and set up a new company?

You can leave the detritus of the former company to buddy boy to deal with and, away you go...

Sorry I should of wrote this more clearly!

It's not a minus, it's just not performing with a turnover. Reason why my business partner has give up putting money into the company and not resulting so soon...

Yeah it seems to only be right on setting up a new company then, as I think he may of had some legal advice too... knowing that when he agreed to come off as a Director and just a shareholder but still at 50% was a trick to be awkward with me and the risk with me carrying on thinking it was all in my name then say in a year or so he demanded a cut etc!?

If this is my only (within reason) option then to set up a new company, when working out a rough estimate how much it would be to set up a new limited company with a similar base setup to this one do you think it's worth offering him that amount to see if he'll accept that knowing if either way I'm about to setup a new company and let this one die he's only gaining a bit rather than nothing on a company that isn't trading at a plus!? Obviously if he says no or still ignores me I'll just carry on to accept this company is done and start planning on setting the new one out...