How would assign a monetary value to this company?

[WaterTight]

However, be careful of directorships of limited companies. Once you are a director, you are responsible for just about everything, and its no defence to argue that you didn't know what other directors or employees were up to. The law assumes that you do know. Also, remember that the shareholders can vote you out of office just as soon as you can type "Extraordinary general meeting".

Thanks for your input Ray, I was hoping you'd put in your two penneth.

Ok, so it looks like he is wanting to retire from the tools side but keep working on growing the business and even has hopes (athough i must say he has had hopes of this nature for about 7 years since i first met him, which haven't materialised, he is clever and ambitious and determined but for one reason or another nothing has come of it) to end up with staff.

This presumably just serves to complicate my situation. And presumably makes my position - whatever it would be - even more important to get clearl in legal terms so any work I was to put in wouldn't come to nothing if I were to be easily brushed aside in future. And, conversely, that I wouldn't find myself responsible for any problems that occur with any number of random expansions/morphings I wasn't behind.

All I want to do is get his checkatrade calls, which he is willing to sell me. But since he will be still around doing "business and marketing" and probably the odd job here and there I'm not sure if I can find a way to have a legal right over the thing I am buying and not also end up responsible for whatever ventures he has planned...

 

[woodsy]

Sorry to be negative but this whole thing sounds a recipe for disaster. He's continuing to trade, your effectively paying his checkatrade fees plus extra and he gets to chose any ' easy' jobs he fancies and pass what he doesn't to you. Sounds like a falling out in the not too distant future is on the cards.

 

[julesverne]

Thanks for your input Ray, I was hoping you'd put in your two penneth.

Ok, so it looks like he is wanting to retire from the tools side but keep working on growing the business and even has hopes (athough i must say he has had hopes of this nature for about 7 years since i first met him, which haven't materialised, he is clever and ambitious and determined but for one reason or another nothing has come of it) to end up with staff.

This presumably just serves to complicate my situation. And presumably makes my position - whatever it would be - even more important to get clearl in legal terms so any work I was to put in wouldn't come to nothing if I were to be easily brushed aside in future. And, conversely, that I wouldn't find myself responsible for any problems that occur with any number of random expansions/morphings I wasn't behind.

All I want to do is get his checkatrade calls, which he is willing to sell me. But since he will be still around doing "business and marketing" and probably the odd job here and there I'm not sure if I can find a way to have a legal right over the thing I am buying and not also end up responsible for whatever ventures he has planned...

After reading this id be more inclined to give it a wide berth. This will probabably only lead to issues and arguments a year or 2 down the line