Help help help need to get out

edited 30 November -1 at 1:00AM in Small Biz MoneySaving
10 replies 973 views
SeiferSeifer Forumite
5 Posts
edited 30 November -1 at 1:00AM in Small Biz MoneySaving
Hi, I need to get out off business I've essentially had enough!
I'm in a business with what was 3 other friends but I somewhat feel this is over now, the two other partners do what the other one says and he can't seem to comprehend the good business ethics, he spends money on items on the off chance we may need it one day and doesn't purchase items we need today!!! He's spending money like water! And seeing the other two can't think for themselves they follow like lemmings of the inevitable cliff...
This company is still in its infantile stages less than a year, and I for one cannot continue, I have a day job and this is killing my day job, of which I have just been promoted which means I will be spending 1 week a month abroad.
I've tried explaining but it's like I'm talking another language and nothing is listened to... As a partner I'm willing to cut my losses and walk whilst I still have something in my pocket... The atmosphere has changed a lot and its very aggressive and intimidating to work in.
The stupid thing may be my saving grace in that despite me begging to have a partnership agreement in place, the others were to busy to sort that out so there's no agreement in place,
It's the control freak who's wielding the bank account on what was originally a business account but it turns out its his account this has all been done !!!! about face!
My names on the insurance which is paid monthly but can be cancelled aside from this and some business cards there's nothing linking me to the company.
Is it possible for me to present them with two fingers and walk away! Without repercussion aside from the expected abusive phone call....
I don't want any money, I've lost money but as I said id rather walk away with money still in my pocket than nothing, I understand the other partners have debts because of this but so do I...
I want to walk away. Let them take full ownership, I'm not asking for a penny. I just wish to be absolved of this sinking ship of a "company"

Advice would be so appreciative and I would like to thank you in advance.

Kind regards.

Replies

  • Savvy_SueSavvy_Sue Forumite
    43.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Is it a Limited Company?
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • SeiferSeifer Forumite
    5 Posts
    No the company isn't registered as anything, the business partner just keeps saying "we're a partnership" but I've never signed anything
  • antrobusantrobus Forumite
    17.4K Posts
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    Seifer wrote: »
    ....The stupid thing may be my saving grace in that despite me begging to have a partnership agreement in place, the others were to busy to sort that out so there's no agreement in place......

    Partnership Act 1890 applies. For example s32

    ...a partnership is dissolved....by any partner giving notice to the other or others of his intention to dissolve the partnership.

    http://www.legislation.gov.uk/ukpga/Vict/53-54/39

    If it's a partnership, and there's no agreement in place, any partner can terminate it simply by giving notice to the other partners.

    You can walk away. (But do double check with a real lawyer.)
  • PlutoinCapricornPlutoinCapricorn Forumite
    4.6K Posts
    Part of the Furniture Combo Breaker
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    My first post vanished, but Antrobus has said much the same things.

    Cutting your losses and walking away is the right thing to do: you will be a sadder but a wiser man but will retain more self respect that way.
    Who having known the diamond will concern himself with glass?

    Rudyard Kipling


  • DigForVictoryDigForVictory Forumite
    11.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    By all means, make your way to the nearest exit.
    As you go, take copies of all the paperwork you think relevant (bank statements, sales & purchase invoices, VAT Account, draft annual accounts, backup of any acounting software & passwords?) , and write a full diary type letter to the Revenue. That way, if anyone comes along time future and says "what about this then?" you have the whole saga (OK from your perspective, but whose else were they expecting?), with documentation to hand.
    Keep a copy of the "chaps it's been a blast but I am out of here, gone & generally nothing to do with this enterprise as of [insert today's date]" and send it recorded to the other two's home addresses.
    It's a sort of insurance policy that in the next 7 years, if the Revenue take an interest (and if your 'partners' run up some big bills & annoy folk, then you want to be visibly out of the splash zone) you have something to show that certainly after [date X] , It Was Nothing To Do With You.
    Any business property? Intellectual property? Include said items by name & serial number etc in the letter, including where they are to be found.

    The more thorough the letter, the more peace of mind.

    All the best!
  • SeiferSeifer Forumite
    5 Posts
    thanks guys! im polishing my two fingers as we speak... the thing is i dont have access to any banking details, its all in the other partners name as i say, im on the insurance, thats it.
  • SeiferSeifer Forumite
    5 Posts

    Self-Declaration of Partnership Removal


    I __________ completely absolve and removemyself from _______ as of the dd/mm/yyyy.

    Due to no formal agreement I am providing this notice toleave the organisation out of courtesy only.

    For the following reasons:

      [*]Family commitments have rendered my time limited and unpredictable to help care for ______ whilst providing assistance and council to _______ during this difficult time in dealing with an elderly person with a mentally debilitating condition: ________– I am happy for a doctor to verify this at a third parties cost.
      [*]Promotions within my career have made my already free time more precious and limited
      [*]I do not feel comfortable in the current working environment due to intimidation, bullying and ganging up practices being undertaken by two of the three other partners (this is not a primary reason as “we are all grown up’s” but this is a contributing factor in my involvement within the practice and my lack of eagerness in participating in the company)
      I am leaving this company at a massive loss – in the regionof around £____-£____ and would like to cut my losses before this goes anyfurther, approximatly £_____ is accountable with receipts this can be reflected on mydebts and overdraft all of which can be provided to the appropriate persons.

      I have not made a penny from _______ and welcome an auditfrom a professional at cost to a third party to prove this.
      I am not taking a single penny in leaving and will notbenefit financially from the company, as a gesture of good will and no illfeelings I would also like to offer to fund the insurance on for no more than 3more months providing this removal is handled in an appropriate and adultmanner, this is to allow the other partners to take a hold of the situation. Asfor my personal debt I have accrued in this company in the form of credit cardsand overdrafts I accept this will be reflected as a personal debt and I willmanage this under my own personal career from my day job, all of the debt thathave been gained within the company can be easily paid off with the firm’scurrent assets which should be in the region of £_____ as is outlined underour insurance. The personal debt of the other partners is nowhere near thisgrouped figure; and any shortfall in selling off stock due can be gained and taken out of my%.

      I regret to do this as I understand I will lose threefriends in this process, but I do wish _____ all the best in the futureand hope it to thrive, but due to family and work commitments my involvementwithin this organisation can no longer run on in to the future.

      I would like to surrender my 25% share in the company to the followingpersons

      12.5% to Mr ______(totalling 37.5%)

      12.5% to Mr ______ (totalling 37.5%)

      I leave my share to the original partners (above) to dividethis between the third late coming partner Mr _______ how they see fit.



      Yours Sincerely



      have a been to defensive? or is this too formal and should i adopt a more... offensive approach?
      im not on paper for anything other than insurance and i would like to just be out of the company im not even concerned with the money thats gone, that was when i was a student, now im a professional thats qualified im earning more and do not want to see this new raise in money drained.
      more-so the friendship has gone, i have no interest in remaining friends and would like to start a fresh.


    • SeiferSeifer Forumite
      5 Posts
      Self-Declaration of Partnership Removal


      I __________ completely absolve and removemyself from _______ as of the dd/mm/yyyy.

      Due to no formal agreement I am providing this notice toleave the organisation out of courtesy only.

      For the following reasons:
      • Family commitments have rendered my time limited and unpredictable to help care for ______ whilst providing assistance and council to _______ during this difficult time in dealing with an elderly person with a mentally debilitating condition: ________– I am happy for a doctor to verify this at a third parties cost.
      • Promotions within my career have made my already free time more precious and limited
      • I do not feel comfortable in the current working environment due to intimidation, bullying and ganging up practices being undertaken by two of the three other partners (this is not a primary reason as “we are all grown up’s” but this is a contributing factor in my involvement within the practice and my lack of eagerness in participating in the company)
      I am leaving this company at a massive loss – in the regionof around £____-£____ and would like to cut my losses before this goes anyfurther, approximatly £_____ is accountable with receipts this can be reflected on mydebts and overdraft all of which can be provided to the appropriate persons.

      I have not made a penny from _______ and welcome an auditfrom a professional at cost to a third party to prove this.
      I am not taking a single penny in leaving and will notbenefit financially from the company, as a gesture of good will and no illfeelings I would also like to offer to fund the insurance on for no more than 3more months providing this removal is handled in an appropriate and adultmanner, this is to allow the other partners to take a hold of the situation. Asfor my personal debt I have accrued in this company in the form of credit cardsand overdrafts I accept this will be reflected as a personal debt and I willmanage this under my own personal career from my day job, all of the debt thathave been gained within the company can be easily paid off with the firm’scurrent assets which should be in the region of £_____ as is outlined underour insurance. The personal debt of the other partners is nowhere near thisgrouped figure; and any shortfall in selling off stock due can be gained and taken out of my%.

      I regret to do this as I understand I will lose threefriends in this process, but I do wish _____ all the best in the futureand hope it to thrive, but due to family and work commitments my involvementwithin this organisation can no longer run on in to the future.

      I would like to surrender my 25% share in the company to the followingpersons

      12.5% to Mr ______(totalling 37.5%)

      12.5% to Mr ______ (totalling 37.5%)

      I leave my share to the original partners (above) to dividethis between the third late coming partner Mr _______ how they see fit.



      Yours Sincerely



      have a been to defensive? or is this too formal and should i adopt a more... offensive approach?
      im not on paper for anything other than insurance and i would like to just be out of the company im not even concerned with the money thats gone, that was when i was a student, now im a professional thats qualified im earning more and do not want to see this new raise in money drained.
      more-so the friendship has gone, i have no interest in remaining friends and would like to start a fresh.
    • paddyrgpaddyrg Forumite
      13.5K Posts
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      I think you're overthinking it - you don't owe anyone any reason why you are off, just that you are.

      Don't offer to pay the partnerships liabilities (insurance) whilst surrendering your share - the worst of all worlds. If they can't pay their own insurance, they're not viable. You may find the two others will fold their cards right after you fold yours.
    • I would go with paddyrg, but would go to a lawyer to ensure it is noted by a third party you have left. They should advise you to put a notice in the local paper of disavow, that will mean you will say "I XYZ" from this date is no longer connected, blah, blah, blah.

      No matter what you believe or may be told, until you end up in front of a DJ and they tell you that you are responsible for half the debts to that point. Wish them well and hope they run for another year to wash you out of their debtor system.
    This discussion has been closed.
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