Hello my name is ***** ***** I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Is it a Limited Company?
Was it ever agreed it would be paid back in this fashion please?
it is a Limited Company
and it was agreed that it would be paid back once we start making profit
Is there a shareholder/director agreement please?
also she does not agree to pay minimum salary from the profit and I am facing homelessness at the moment if I cannot pay my rent for this month which is due in couple of weeks
no there are no written agreement of any sort
Was it discussed when you would get payment back?
as I mentioned above, we discussed at the beginning of the partnership and agreed to pay back the loan when we made enough profit
But no date etc?
because we didn't know at which point we would make profit but since the beginning we are making small profit every month
Ok - its bad news then I am afraid.
Unless it was agreed that a certain date would be reached and then you would get payment, or when you achieved a certain turnover then you cant demand payments
The same if you had a Directors agreement, if that had set out how and when you would have been ok
But you have no agreement whatsoever in force
Therefore you can't demand payment
All I can think you do is sit out until the AGM and ask for payment in terms of dividend
But sadly you can't demand payment otherwise as there is no mechanism or agreement in place
I am sorry if this is not the answer you are after and certainly not the one I want to give you, but I have a duty to be honest
Can I clarify anything for you about this today please?
just thinking... there must be a way as I am the 50% shareholder where I am way due a salary. isn't there any way at all?
No, there is not
what would happen if I inform her and than transfer £1000 into my personal account?
There is no Directors agreement
You are not entitled to a salary unless previoulsy agreed
You can't just take £1000 from the Company.
It belongs to the Company and not you
Its not your money
I am sorry
it looks like, I'm in serious trouble... Thank you so much for your help
I am sorry its not better news
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Thank you it does answer my question.