Best option,need advice

kevin137

I understand it all needs to be formally agreed and sorted legally, so there is no comeback to either of you.

i also understand that if the business is purely one persons work, no matter what the circumstances and agreed percentage of ownership and a majority shareholder, he could simply set up a new business contract the work to himself at the total invoice price and there would be NO income in the original business. This would mean no profit and no dividend.

It seems sensible to make a clean brake, but it definitely came across as an avoidance scheme in the original posts..!

Personally i would be sitting down with a solicitor that can make suggestions on doing this and both get it signed off.

There is no profit to lose or avoidance if you have never worked in a business like this so i don't see a problem there...

the only problem i foresee that may be an issue is how the hell can you get a Council House, do they still exist, certainly when i was in London you had NO chance unless you inherited though family the right to stay there and no other way... You got bedsit until private was arranged or housing association was arranged and that had very strict guidelines...!!!

danboy775

Idiophreak wrote: »

There's this crazy thing I've heard of called "private rental" - maybe she could look into that?

yes well, private rentals in a tiny village are quite hard to come by, and the ones there are are not up to the standards they charge for them

shoe*diva79

I doubt very much your ex would get social housing. The waiting lists are long. Has she applied to the council to be put on the list? If so, has she received her points and started bidding?

She will be deemed to be suitably housed right now so wont be 'top of the points'. She will have to bid, and wait a long time for a property to come up.

With regards to her shares, if she sells them and then tries to claim means tested benefits, it could be seen that she has deprived herself of income and they will count the dividends as if she still has them.

danboy775

shoe*diva79 wrote: »

I doubt very much your ex would get social housing. The waiting lists are long. Has she applied to the council to be put on the list? If so, has she received her points and started bidding?

She will be deemed to be suitably housed right now so wont be 'top of the points'. She will have to bid, and wait a long time for a property to come up.

With regards to her shares, if she sells them and then tries to claim means tested benefits, it could be seen that she has deprived herself of income and they will count the dividends as if she still has them.

I have already told her she can stay in the house and i will move out, easiest for all but i cant force her to stay. dividends are not guaranteed income though, if i went bust tomorrow she'd get f* all.

Idiophreak

danboy775 wrote: »

I have already told her she can stay in the house and i will move out, easiest for all but i cant force her to stay. dividends are not guaranteed income though, if i went bust tomorrow she'd get f* all.

Which is why you need to make your maintenance payments separate from the dividend - so whatever happens, you'll continue to contribute to your child's keep.

Whether your ex keeps the dividend or sells the shares is really a different issue...although, as above, she'd be kind of insane to sell at the moment.

danboy775

Idiophreak wrote: »

Which is why you need to make your maintenance payments separate from the dividend - so whatever happens, you'll continue to contribute to your child's keep.

Whether your ex keeps the dividend or sells the shares is really a different issue...although, as above, she'd be kind of insane to sell at the moment.

Ideally i want her out of the business, so no more dividends. She will still receive child maintenance to the amount of her dividend. Worst case scenario is i wrap up the company and start again.

kevin137

danboy775 wrote: »

Ideally i want her out of the business, so no more dividends. She will still receive child maintenance to the amount of her dividend. Worst case scenario is i wrap up the company and start again.

Worst case scenario for who..? It is comments like this that make you come across as someone only interested in the financial side of things and keeping your costs down.

I am not saying that is what you are doing, but that is what it sounds like. Does that make sense...?

FBaby

kevin137 wrote: »

Worst case scenario for who..? It is comments like this that make you come across as someone only interested in the financial side of things and keeping your costs down.

I am not saying that is what you are doing, but that is what it sounds like. Does that make sense...?

If your first post had said that you were feeling aggrieved to the fact that you could potentially have to pay £500+ in maintenance in addition to £1,000 a month from dividends of a company your ex did nothing to build (assuming that is true), I would have sympathise completely. Indeed, it's a lot of 'free' money to receive.

The fact is you turned it around to make it sound like you really wanted the best for your ex, which clearly is not so much the case.

I do understand your incentive to dissolve the company. I also wouldn't want my ex to get free money each month from my hard labour. At the same time, investments are what they are, high risk, easy win (after all, if the company was in debts, she would be liable for these too through no fault of hers).

Idiophreak

danboy775 wrote: »

Ideally i want her out of the business, so no more dividends. She will still receive child maintenance to the amount of her dividend. Worst case scenario is i wrap up the company and start again.

So...You've got this pesky investor that keeps taking their 20% dividend...So you "wrap up the company", then start a new company doing just the same thing using all the IP/contacts of the last business...only without the pesky investor involved.

I assume when you say "worst case", it's the worst case because your ex would probably sue you until she had the shirt off your back?

If you want her out of the business, I'd imagine your way forward is to buy her out...but something about your maths really doesn't add up for your £1100 valuation...I'd expect (not knowing much about these things) it to be worth at least 30 times that...

danboy775

Idiophreak wrote: »

So...You've got this pesky investor that keeps taking their 20% dividend...So you "wrap up the company", then start a new company doing just the same thing using all the IP/contacts of the last business...only without the pesky investor involved.

I assume when you say "worst case", it's the worst case because your ex would probably sue you until she had the shirt off your back?

If you want her out of the business, I'd imagine your way forward is to buy her out...but something about your maths really doesn't add up for your £1100 valuation...I'd expect (not knowing much about these things) it to be worth at least 30 times that...

each share is worth £22.41 she holds 50 so £1120.50 to be exact
and also the shares were bought with my own money for her so its not as you suggest, me just wanting rid of a pesky investor.