selling my share in my company

[tim_s]

hi

i co-own a business and i'd like to sell my half (1 of 2 shares) to my business partner. how do I go about doing this? i'm also resigning as director so i know i need to fill in a 288b form. is there anything else I need to do?

any advice would be much appreciated.

tim

[Size Nine Elm]

tim_s said:

hi i co-own a business and i'd like to sell my half (1 of 2 shares) to my business partner. how do I go about doing this? i'm also resigning as director so i know i need to fill in a 288b form. is there anything else I need to do? any advice would be much appreciated. tim

To resign as a director, you need to write a resignation letter to the board. The 288b just notifies Companies House that you are no longer a director.

To sell the shares, agree the price, and do it, unless there are any restrictions in the company Articles - unlikely if there are only 2 shareholders.

[pdV6]

Most difficult part is agreeing a fair price.
Get that bit sorted and the rest should fall into place.

[Eric Mc]

Ensure that your name is taken off any loan guarantees and indemnify yourself from any post resignation suits, if possible.

[tim_s]

thanks for all the replies.

is there any form I have to fill in to transfer my share? i've already agreed the price.

[pdV6]

It might be this one:

www.shareview.co.uk/download/stockform.pdf

[Eric Mc]

That's the form. It needs to be submitted to the Inland Revenue, Stamps Branch and a fixed stamp duty of £5 paid.

[wattsm666]

Stamp Duty is 1/2% of the consideration rounded up to the nearest £5.00. So in the case of 1 share sold at £1.00 it is £5.00. If the consideration is £99,995 the stamp duty is 499.75 which gets rounded up to £500.00.

[clapham993]

Don't forget to register a statement of disassociation from any personal obligations you may have undertaken