Newsgroups: uk.legal uk.finance
Subject: Re: to be a director or not a director?
From: Adrian 
Date: 23 Aug 2007 07:51:05 GMT
Bytes: 1539

Alasdair (mail@bobaxter.coo.uk) gurgled happily, sounding much like they 
were saying :

> If your partner has a greater than 50% shareholding in the company,
> she can call the shots. 

If they're willing to wave their shareholding about like that, then they're 
not the right person for the OP to be going into business with in a 
scenario such as this.

> You would not be liable for any debts of the company beyond the nominal 
> value of your shareholding which sounds like £35 if it is a £100 company 
> and you have 35%.  The only way you could become liable for the debts is 
> if you were involved in some sort of fraud.

You're forgetting the very strong likelihood of the bank demanding personal 
guarantees from the directors for the loan.