AIBU to feel so angry about these text messages between DH and business partner

[thinkingofayear]

My DH and I set up a business together 5 years ago, I basically did all the admin and bits that nobody else really wanted to do full time hours. I was paid whatever the minimum is for director and I owned 50% of the company (£640 a month i think) not a huge amount but I did it to help DH and we share all income anyway so it wasnt a huge issue.

At Christmas my DH went away with someone we worked with for a business meeting and when he came back for whatever reason he had decided to hand one third of the company to him. I could have said no but tbh I DH convinced me otherwise. So we then had a 1 third share of the company each.

A couple of months ago I found out I was pregnant and I have been really really sick not able to go in. I have done some work from home but fewer hours. Today I logged into my computer which DH shares and the messenger popped up on dhs account since he was logged in last and the last messages were from the business partner to dh moaning that I had still been getting money when I was off and still had share implying that because I was pregnant and off now and going to be off in the future I should not and should get no money. He called me on the way home last night to moan that we needed to spend less which was now I see obviously brought on by this.

We have taken a MASSIVE cut in income since christmas we used to have a good income now it is down to £1600 a month - without my 600 it would be less that £1000. Yet DH did not defend me saying anything like " well it is her company as well" or " she did spend the last 5 years helping to set this up maybe letting her stay off when she has been so sick she has made her throat bleed is just ok..."

This week I was supposed to have a consultants appointment but I had to cancel because we didnt have £5 to get there. Yet dh seems to think that we "take too much money". The business is making ok money I know that so I dont understand why this is such a MASSIVE issue and why I now have to take iron supplements because I couldnt afford to increase meat etc in my diet when I needed to...

I am so bloody close to just calling them up and blowing my top about it. I just dont know if I am being unreasonable to be taking it so badly. I feel like just telling them to take the company and fuck off but all that will do is take away what I have anyway.

I cant even go back now from being ill as the income has gone down so much we can no longer cover childcare - I am stuck and feel like I am being attacked from all directions

AIBU to go shit crazy!?

Definitely get a good accountant, now.

But whilst guns seem to be out for new guy, I'm considering that your husband is the bigger part of the problem.

Your income has gone down: is that just because you're now paying him and he hasn't brought in work?

From his point of view, perhaps your husband sold him a pup. Business not as successful as he was told, perhaps? Unexpected tax bills showing it's not well run?

Your shares have nothing to do with what you work, you simply own them.

But I have some sympathy with new guy not respecting your role in the company. He probably hasn't been told about your cash input. In which case, he may see you as little wifey getting paid for doing a little bit of admin, and now not even doing that. I'm not saying that is true, but I can see why he could think it.

I suspect the root of this unhappy triangle is actually the fault of your husband.

You own 50% of the shares. Only shareholders get dividends (and have to pay tax on them) Dividends are (theoretically) paid after the year-end tax has been paid - essentially its the profit doled out.

However, you have given personal money into the company - IIRC this can be considered a 'director's loan' and claimed back before profit is calculated - check with you accountant.

It sounds like this person may be an employee at director level, but is not a shareholder or officer of the company. As such, if he's not doing what he ought you can sack him, or if the company can't sustain his salary, you can make him redundant.

Get on to your accountant (if you trust them) and/or check it out with a company lawyer.

Sorry op but you really don't sound very clued up on how your business operates. There is no such thing as a minimum directors pay - company directors can effectively take what they like out of the company profits after tax is paid.

The business can't be doing very well at all if your income is so low you can't afford £5 to get to an appointment.

It doesn't matter if the business income is £12k a month if its all spent on overheads and making no profit.

Agree with other posters that this sounds fishy and you are potentially being taken for a ride - get advice ASAP.

Also if you own 50% of the shares how on earth can dh give a third away? You would both have to give some away and if none of you have signed anything then nothing changes. Agree new guy has some kind of hold over dh..

Sounds like you need to get clued up on how a business works. And fast.

Small tip. DONT ask your DH.

Generally, when you own a small business you pay yourselves 10k per annum, that's the maximum before income tax liability becomes incurred, and then you declare a dividend once the profit has been calculated at the end of the financial year. Perhaps this is what the OP meant by "whatever the minimum is for director"?

Whatever is going on, OP you need separate professional advice. Your husband cannot sell your shareholding without your consent. He can sell or give away his own, but if he's prepared to do that, he's an even bigger fool than he sounds right now.

This new person doesn't appear to have contributed anything to the business, he's just an additional cost at the moment. When are you expecting to see a return from his contacts?

I agree with a previous poster, your dh cannot simply give away your share of the company; and without capital investment this makes even less sense?

Your income is limited, but what are your assets eg machinery, furniture, vehicles? Also if he is onboard as a Director he HAS to be on the official (national) register of Directors.....also if you go bankrupt so does he, so why did he come on-board??

Not sure how your business is set up, but if it's some sort of partnership and something goes wrong, then any banks that have loaned you money can claim against not just the company but your personal wealth too. As in your house, car, anything that means they can get money back from you.

With that in mind, your DH gave someone a third of your business without consulting the other major shareholder (ie you!!!)?! I would be absolutely fuming. In fact this would be a dealbreaker for me.

If this other man fucks your business up, he will walk away fine. You and your DH will not.

Get professional advice about where you stand, like pp have said.

And speak to your DH. What has this other man brought to your business? What has he added? What has he taken away? If he is doing nothing for your business and he owns no shares, get rid of him!!! If your DH was foolish enough to give away a thrid of his shares, or even two thirds of his shares (as in he signed over 33%, but they have all come out of your DH's shares, and none from yours), then you and DH are still majority shareholders between you.

On a seperate note, I've read your posts and my instant vibe about your DH giving shares away was either:

a) Your DH is a fool and has no business sense (sorry!!)

Or,

b) This man has something on your DH, and is blackmailing him

I know you're ill, but if you can, sort this mess out and own this shit. Show this other guy that you are the major shareholder in the company and you know what you're doing.

I'm a mean bitch, but if my DP did this to me I'd sell him my shares before everything imploded, and I'd sell them at a damn expensive price too. I can't believe your DH hasn't responded to say that you have put a heck of a lot of time and cash into the business and so you are very much entitled to your 50%!

Get a lawyer xx