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Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 6414
Experience:  Solicitor
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I have a limited company with assets of £9,000 My partner

Customer Question

I have a limited company with assets of £9,000
My partner has said that he is leaving the company to start on his own.
He owns 50% of the shares which he is giving to me free of charge.
Since the company was started (18 months ago) we have turned over 1.5 million pounds worth of work and have 3 employees.
On leaving the company he is due a 18,000 dividend for the quarter which he wants immediately.
Thats fair enough, however i am left with the employees and guarantees to look after for all the jobs we have done.
Is there a way of working out what he should get? If i decide i can't cope then I've got to lay people off etc.
Submitted: 1 year ago.
Category: Law
Expert:  Jamie-Law replied 1 year ago.

Hello my name is ***** ***** I will help you with this.

Have you had the Company valued at this point please?

Customer: replied 1 year ago.
No, we haven't had the company valued. we are a plumbing and renewable company and both of us have a lot of contacts built up over the years. so i suppose the value is hard to calculate. we do not own a building or anything.
Customer: replied 1 year ago.
He has a very busy phone which people call all the time, so he will also be taking 50%of our business with him. He also has left me with a couple of lease vans which i would have to pay to get out of if i wished
Expert:  Jamie-Law replied 1 year ago.

I would get it valued. That way you know what the business is worth taking into account stock, assets, goodwill, liabilities etc.

Its not just a case £9000 and you split it. There is the goodwill and guarantees which need to be taken into account.

Therefore you should get the business valued and that would be a fair price for both of you.

Its not just 50% of assets.

Can I clarify anything for you about this today please?

Expert:  Jamie-Law replied 1 year ago.

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