What are my responsibilities if I resign as a director of a limited company?

I am a 50/50 shareholder and co-director of a limited company in England. The company is not heading in the direction I want it to, and I cannot resolve the problems with my business partner. I want to leave the company; but if I do this, am I responsible (personally) for the company%26#039;s overdraft or business loan? Am I able to take with me, items of equipment which I paid for personally which have been used by the company? What can I do with my shares? Can I offer them for sale to any other people or companies?

What are my responsibilities if I resign as a director of a limited company?

ok, the company is a seperate legal entity from the directors.

you can resign whenever you want to. you will not be liable to any debts that the company owe, unless you signed a personal guarantee on the loan or bank overdraft, then you will be liable to what ever was agreed.

you can hold onto the shares if you wish, but you can sell them at the value they are worth, if anything. I would suggest that you offer them to the other director, or they will just be bought back by the company.

any equip which has been paid for personally and not re-imbursed to you can be taken with you as they belong to you.

do you have a directors loan account. ie has the value of the equipment been brought into the company and the value is owed to you? they may just give you cash for the equip instead of you taking it away.

best bet is to discuss it all with your accountant and the other director to come to an amicable agreement as the best way to deal with it.

What are my responsibilities if I resign as a director of a limited company?

. As a Director, have you committed the Company to anything that was your responsibility?Ensure you have clean exit as Director. On the assumption it maybe a fractious parting you would probably be wise to get rid of shares as well unless you buy the other partner out. Report It

What are my responsibilities if I resign as a director of a limited company?

These are all matters which should be specifically answered in the contract you signed when you took on your role as director and signed a partnership agreement.

From what i can see you and your parner are jointly and seperately liable for all the companies debts, and equipment will need to be left if its in the companies name. You probably could seel your shares unless stated otherwise in your partnershipo agreement.

I recommend you see a lawyer. Its expensive but if you dont you could be taken to court. For example you might not be allowed to start up in competition for a period of time.

What are my responsibilities if I resign as a director of a limited company?

The company%26#039;s Memorandum and Articles explain what happens in this situation. It is very unlikely that you can sell your shares or cease to be a director without the agreement of your fellow shareholder. The two of you are going to have to agree an exit strategy.

As a director, you are responsible for any decisions made during the period up to when you cease to be a director. As a shareholder, you are responsible for 50% of the company%26#039;s debts up the limit of your shareholding. If any of your shares are not fully paid, you may have to pay the balance.

Assuming that your business partner is not is a position to buy you out, a possible way forward would be for him to start a new company, for the business to be transferred to it and for the old company to be wound up.