I have been a director and shareholder of a limited by shares company with one other director and shareholder, we both have the same amount of shares. No else is involved in the company. The other director got deported to Kenya a few years ago, I did not know this at the time, as he claimed he was traveling and visiting family. He is currently working on projects under the company name out there in Kenya. I no longer wish to have anything to do with the company. As I am the only director in the UK, I have to deal with filing taxes and company accounts every year. I dont want to do it anymore. I have recently resigned myself as director. But I am still a shareholder and active as a person with significant control, I am willing to transfer my shares to the other director. I have asked him many times to close down the business and then he can start something new up on his own or with someone else, but he wont do it.
My idea is to file taxes and company accounts once more this year on his behalf. And when filing company accounts, put all the shares in his name. Because as far as I understand if there is no stamp duty to be paid (and we only have 1 share each worth 1GBP) you can just send the shares transfer form to the registered office of the company, so in essence I just send it to myself.
I realize that If the taxes and company accounts are not filed, fines will be made against the other director. I feel bad about that fact but what else can I do, I want to walk away from this completely, I have told the other director so many times that I no longer want anything to do with the company for well over a year now.
Am I doing the right thing? And what can a person of significant control do?
Results 1 to 1 of 1
How do I leave as a director and shareholder – 04-15-2017,06:40 AM
- Join Date
- Apr 2017