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Transfering a directors shares to another director

  • 15-12-2009 11:39pm
    #1
    portanure
    Closed Accounts Posts: 21 ✭


    Hi Guys

    My business partner and I have a company set up with a 50%/50% shareholding.
    Due to the downturn, she now wants out. She is willing to stay on as a Director with 0% shareholding and as a secretary, as we believe that is the requirement for a single member company.

    So what is the most cost effective way for me to transfer her 50% shares to me and for me to resign as Secretary and make her the new one. She does not want any money for her shares.

    Is there any thing I need to do to change the company to a single member company.

    Cheers


Comments

  • #2
    kenbrady
    Closed Accounts Posts: 404 ✭✭kenbrady


    portanure wrote: »
    So what is the most cost effective way for me to transfer her 50% shares to me
    Buy her shares for the nominal value and submit a Share Transfer form to revenue.
    portanure wrote: »
    and for me to resign as Secretary and make her the new one.
    Form B10 - on cro site
    portanure wrote: »
    Is there any thing I need to do to change the company to a single member company.
    Form M1 - on cro site

    Getting rid of her shareholding does nothing for her. If there is any wrong doing/problems it is the directors not the shareholders who are chased.


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