company loans and directors

Discussion in 'Growing and Managing a Business' started by flower, Dec 16, 2010.

  1. flower

    flower
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    I dont know if im in the right place here i have a company with my husband but we maybe separating i am the sole director of the company but he runs it, we are looking to get a loan from the company but my husband says that i have to take my name off as director and put his on as i have personal debt and i can't be the guarantor is this true or could we just add his name so there would be 2 directors and uses his name as the guarantor any help would be appreciated thanks
     
  2. flower

    flower
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    is there really no one with any advice however small please
     
  3. Fergal

    Fergal
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    Welcome to our business forum flower and apologies that you did not get a quicker response. The issues you are asking about are extremely complex from a legal and accountancy point of view. Different laws will apply to different legal jurisdictions and the answer to your question will largely depend on where your business is based. Maybe you could please tell us that.

    I would strongly advise that you engage the services of an independent professional to advise you on your current situation. Perhaps you know an accountant or lawyer who could help you? Many of these professionals will give you a first consultation free of charge and that in itself might give you a definitive answer to your questions.

    The decisions you make now could have significant financial implications for the future, so it is worth investing the time and money required to get the advice you need, to ensure that you make the right decisions.

    Good luck with it and please do post back to let us know your thoughts and how it works out for you!
     

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