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nighttax
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Ok – you need to work through this with your accountant – you obviously have one for a business this size.

So the thing to understand is that the company (whilst you both own the shares) is an entity(person) of its own in the eyes of the law. As directors you are legally bound to do what is right by the company and in this case its 20 employees who could take a class action against the directors personally if things were not done right and they lost out.

It is still not that big a deal but it does have to be done correctly and it will cost you money in accounting and legal fees. Company law is much tighter than it used to be so it must be done right that’s all.

Regards
Evan