help please!!!

[chillipepper]

I'm about to enter full time education and am currently a 50% shareholder in a limited company. It's a small company with myself and my business partner employed, with only a small amount of assets. It has been trading sucsessfully for 5years, always in the black(never needed loans or overdrafts) and always a busy order book. Thanks for your time reading this and hopefully answering, I just need advice on my options of leaving the business so I can continue with my studies. P.S. my business partner will want to carry on with the business.

[New Judge]

What do you intend to study and why?

[Oneeyedvic]

You can leave the business as a director (and let your partner take over the day to day running) and remain as a shareholder.

He would be paid a wage and you would take dividend payments on profits.

Alternatively, get a local accountant to value the business and he can buy you out.

[chillipepper]

We currently have our accountant, will he be able to make the evaluation. I wouldn't want to think he'd under value it to keeps on the sweet side of the man who will be continuing giving him business. Just want what's fair so I can use the money for my education.

[Oneeyedvic]

If he does undervalue it then he would be breaking all sorts of laws.

If you have any doubts, why not employ a second accountant and then take an average of the two valuations.

[chillipepper]

Thanks for your help. Much appreciated.