Disolving A Company Partnership

[TheDon]

dont suppose you want to say what your doing currently...

As for prices too cheap.. definately sounds like there is a cash deal being done.. £50 on the books and £100 in the pocket..

Personaly i would go for a total closure of company or at least get your one started so as soon as the cash is in your account you can start trading and move over all the clients, just bring in a few new shiny things that you know he cant do and rob all the work.. sorted.

He definately is covering for something, and that can only lead to problems further down the line.

I wish you the best of luck with your new venture :)

[Rabster]

Ok time for an update

me and the soon to be ex partner of the company have been in discussion and now he is dragging his heels and back tracking on the price of the buy out so i have come to a decisin that i wont be selling my half of the company but instead taking my half of the company assets.......

However i have struck a slight problem because he didnt do everything above board all payments came from his personal account but i have it in writing that he wishes to buy me out of my shared stock so if i choose not to sell im within my rights to walk away with my stock i belive now he cant really go to the police over it as theft as its my half of the company or do you think im missing something here ...

[DJ Wozza]

go careful mate

[Steve ( West Mids )]

all payments came from his personal account

What payments?

I would not do anyhting without a letter drawn up by a solicitor and signed by him.

[Rabster]

problem is he is dragging his heels and is deccreasing the amount of which he wants to buy me out for i now know he has taken on the jobs booked by the company which hasnt formely dissolved yet to hid own company and name etc

payments are for any item purchased

to put it the easy way im no good with paperwork i plan the events the kit the power requirments etc etc

basicly i think that if i was to take the kit he will report me for theft yet i have it in writing that he wants to buy my share of the company assets i cant afford a solicitor as all my money is tied up and well u know the state of the economy etc

i want a quick solution now i have had enough

[TheDon]

damn seems like he is really an arse!

Well option number one is to push him down the stairs... lol...

A less extreme option is to just take the stuff and put it into storage before he does... in the end you cant be done for theft if you own it or even part of it.. you need to get any items of paperwork that prove you have financial imput etc into the company and for what.

There will be no easy solution as such, maybe a pro bono solicitor if your lucky.. or one that will take a payment upon closure..

[Rabster]

well i got the other guy to put in writing how much i own of the company etc and the fact that i have a equalshare in the stock value so i guess this is proof i own it however he recons he will have the money in my account within 2 weeks....

so i think i will b best hangin on then reporting him for trading without declaring it under different company names, being in breech of his duty of care at a school running a buisness through a personal bank account

if he wants to play with fire ......

[Steve ( West Mids )]

Be careful what you try and set him up for once you have the money, it might come back and bitr you on the bum. You may also be implicated by association ........

[dazz32]

Rule number one HE wants you out......So never show him your cards first ....let him give You an offer then make the choice.....what ever happens i think you should get future profets even if its small change only fair as you have done most of the work......by any chance do you know if he has done any.( dodgy) dealings behind your back with other companys / people.? without you knowing.

seems strange he wants you out.? HE wants you out damn well make sure that it hits him hard ..if it went to court it would be 50/50....or like you say go ltd and get future profits...

i dont know what you do but im guessing there are no patents on things etc via the company.?

[Rabster]

Hey i am being very carefull in what i am doing at the moment and getting every coneversation putin writing to me.

as for dodgy dealings i know he paid nearly all the staff in cash not through PAYE like i had instructed and had started to sort out but he never finalized it, also the fact that he ran everything through his personal bank account

oh he has no idea whats gonna hit him once all this is over.

as for 50/50 responsabilitys nothing was ever in writing joining me to the comapny and on the plus side due to the fact he had total controll of the finances it soley comes down to him the cost in whichi will be getting out is as a silent partner techinicly so i dont think i can be shafted by anyone i think

[TigerFish]

as for 50/50 responsabilitys nothing was ever in writing joining me to the comapny and on the plus side due to the fact he had total controll of the finances it soley comes down to him the cost in whichi will be getting out is as a silent partner techinicly so i dont think i can be shafted by anyone i think

You can't have your cake and eat it mate. If you are getting him to put things in writing that you own this, or own that, or are entitled to this or that, it can work against you too asit is documentary proof your are using to get money out of him. Just be very careful. If you are getting a good deal on the pay off, then trying to shaft him afterwards will invariable get you burnt one way or the other. For instance, who would want to work with you when you didn't run your company correctly and then shafted your mate after he bought you out. For another instance, If you know about the PAYE thing, you are guilty by association as you should've reported/corrected the situation. Just remember, you now have this topic lodged in google cache for ever, admiting that you know of wrongful doings....

[1967andy]

having bought and sold a number of small businesses a good general guide for its value is.... 10x average yearly net profit( based on last 3 years) and as you own 50% it would be half that figure. then add any assets you deem to be yours - or just split those 50/50 aswell

[Rabster]

ok thanks for the advice guys the company is being disolved thefore no longer trading under that name the other guy will be buying my share of the existing company prior to it being disolved does this still mean i am entitled to half the projected earnings for the next year

as im getting confused now lol

cheers

[TheDon]

if the company is going to be dissolved then there will be no company to make any future proffits.. so he will win more in the long run.. all you are owed is your share of existing proffits and stock etc value..

if he starts another company with the things he bought from this one your entitled to jack ****...

[Steve ( West Mids )]

I guess that's why he is dissolving it .......... to keep your hands off any future profit ...........

[Rabster]

right yeah basicly that is what is has been doing and is doing an 2 b honest i just want out now coz he it a lying ****** lol

he set up a new company about 3 weeks ago (not registered it) but he left my details on the contact page copied from my web site so i had a call from some random person that found the site lol

but anyway there is more than one way to skin a rat

[TheDon]

right yeah basicly that is what is has been doing and is doing an 2 b honest i just want out now coz he it a lying ****** lol

he set up a new company about 3 weeks ago (not registered it) but he left my details on the contact page copied from my web site so i had a call from some random person that found the site lol

but anyway there is more than one way to skin a rat

What by breaking all his fingers so he cant answer his phone or emails?