I've been reading some excellent advice on this forum, and I truly hope you are able to give me some guidance.
I am a 45% member in a CC (2 members). We have had 6 years of excellent partnership, supporting each other and seeing our little business grow from R200 000 turnover to over R5million in that time.
In the CC, we own 2 properties (or rather, the bank owns them - very little equity) and approximately R400 000 in (real depreciated value) equipment and vehicles. When I became a member, I was required to buy shares over from a previous cc member, for which I have a company loan, approx. R300 000. I also have a personal loan from the company, for R80 000, which I have been paying back on a monthly basis.
I want to leave, and am worried that I won't be able to... I do have an Associates Agreement, meaning that the member's share remains at the same price as when bought. Does that mean that I can simply 'give' my percentage to my partner, who then takes over the debt to the CC?
Of course, I do not want to have to pay the R80 000 loan - especially as I have taken a massive salary cut in these trying times. And I'd really like to take certain equipment (which only I am qualified to use - audio/video production stuff) with me, to the value of R87 000.
What I'd like to know is this: Would it make sense for me to leave, i.e. not work there anymore, but continue drawing a salary, which I would then pay straight back into the company - thus paying off my debt? This would save the company more than R200 000 (instead of continuing to pay my salary). I would then be happy to cede my percentage to my partner, meaning that - for paying around R70 000 in taxes - he would be free of that awful burden, the silent EX-partner.
I really want this company to do well, and for my partner to be as unencumbered as possible. I also don't want to shoot myself in the foot.
It all seems highly confusing at the moment, and I'd greatly appreciate any advice that more experienced business people could offer...