Hi

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...

Thank you!