Ownership of comany.

[tigerbirmingham]

I own 60% of my new company and another director owns 40%
What right does this give me? Could I get rid of the director easliy?
Hope someone can help? :)

[buildersmate]

It might be helpful if you explain how this proposed idea links to your other post.

[tigerbirmingham]

Nothing to do with what I was asking before.....this is a separate issue.....call me unlucky!! :) Just would like to know, just because I have a 60% shareholding does that give me power to ask a director to move on?

[buildersmate]

You have what is called a controlling interest but that doesn't mean you can do absolutely everything you like. What does the Articles of Association say, if anything?
This website may help you.
http://www.shareholde...k/rights_frameset.htm
Further down there is a table on rights of shareholders - look at the >50% but <75% tab. It seems that you can remove a director at a general meeting of shareholders provided it is done as an 'Ordinary Resolution with Special Notice'.
I take it the 40% shareholder is the other director? Messy.

[tigerbirmingham]

Thank you for that. Yes the other director holds 40%. There is no problem with us, but you never know what the future holds. I have looked at the information from the link you gave me and things dont look that bad really. Even if he were to be bought out at a later stage it does not mean his value would actually be the 40%... which is nice to know:) Cheers.