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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 12860
Experience:  30 years as a practising solicitor.
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Myself and my best friend set up a limited company 50/50

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Myself and my best friend set up a limited company 50/50 split I put £50k into the company to bank roll it to get it going and he had all of the contacts. Now he wants to not pay me anymore and do away with the dividends and all payments I receive because he gets all of the work in and I only do administrative stuff. He also says this is not what we verbally agreed, But in my eyes from the start I had money and he had the contacts deal sealed.

Do you hold half of the shares? Is there a Shareholder’s Agreement?

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Customer: replied 7 months ago.
we both are 50 /50 share holders. The accountant set something up that if one director takes out a dividend then the other director gets paid the same.
But there is nothing written up in writing what one director expects from the other