My company is suffering due to my business partner’s actions
What can I do if my company is suffering due to my business partner’s actions?
If problems are being caused by the actions of your business partner, they might start to affect the long-term stability of your company. In cases like these, it is a good idea to obtain professional advice on how to proceed.
Whether you approach a lawyer, insolvency practitioner, or both, it can be done in complete confidence so as not to enflame the situation. Disputes in business are very common, and knowing your rights will make it easier if action is warranted later on.
Some of the issues you may be facing
Perhaps the disagreements stem from a strategic issue, or maybe the day-to-day running of the company is in dispute. Here are a few of the common problems many people in business have to face:
- Failing to comply with HMRC requirements, such as filing statutory returns or being delinquent on PAYE liabilities
- Your business partner taking a higher salary than business profits can support
- Isues with repayment of an overdrawn director’s loan account
- A conflict of interests that is damaging your company’s reputation
Any of the issues described above could stunt business growth and adversely affect your company’s long-term success, so pre-empt this by seeking professional help.
Who could you contact?
Your first point of call should be a licensed insolvency practitioner, especially if you are worried about the short-term future of your business. A temporary cash flow problem can be resolved quickly if you seek advice from insolvency professionals, as they generally have information and contacts regarding short-term funding.
Begbies Traynor can guide you in the right direction by discussing the problems you are experiencing, and identify the best solution based on your objectives. Call one of the team today for a confidential same-day meeting.