Converting 2 director LTD to 1 director LTD under CA 2014: does 2nd director need to resign?

Branz

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Am going from a 2 director old style Ltd to the new style Ltd Company under CA 2014 that allows one director.
I have filled out the N1 and G1 form on CORE, am providing the original subscriber details as required and I have the new constitution ready.
Just wonder what happens the second director in the old style Ltd?
Thanks as always
 
Yes I did, it worked out fine, 2nd director retired and became secretary.
It took a while to process as they are snowed with conversions but they made it effective from date of submission.
 
I think I'm going the same way soon. Setup last year other director returned home to Spain and now doesn't have time to continue.
Not sure how it'll work in terms of shares. We haven't filed returns so technically no profit although there is a small amount from first job.
 
Well don't miss the return deadline as if you do you lose the audit exemption for 2 years:(
If u are late filing on ROS then more monetary grief:(
 
I know I did the 6 month on CORE but will pay an accountant for the next one.

Any advice on shares?
 
No advice here:)
Starting point would be the retained profits, unless there is serious growth potential.
The tax man will need to be happy with valuation but if its nothing special then value at the retained earnings
 
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