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Selling shares in mot garage

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Sue
AE/Manager/Owner

Posts: 5

Last Online: Feb 13, 2017 22:05:27 GMT 1

Selling shares in mot garage Apr 21, 2016 20:08:33 GMT 1

Post by Sue on Apr 21, 2016 20:08:33 GMT 1

Hi can any one tell me if I need to give the details of all people that buy shares in my company. (MOT Station/ garage)
To Vosa , would they see it as a change ? Even though they will not be directors/mangers / secretaries ect.
thanks for any advice

baz657
Administrator

Keeping safe

Posts: 4,703

Class tested: 1, 2, 3, 4, 5L, 7

Last Online: Apr 29, 2024 22:07:44 GMT 1

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Selling shares in mot garage Apr 22, 2016 9:55:39 GMT 1

Post by baz657 on Apr 22, 2016 9:55:39 GMT 1

In a way it could be viewed as a change of ownership if it's a private company. Download a VT01 form and fill in sections A and B and send it to your area office. If it's something they don't need to know they'll let you know but if they do need to know and you haven't told them about it it can be a whole load of pain further later on.

If I've got it all wrong stealth will be around later to correct it.

The all new Hillside Garage website now open

stealth
Ex VOSA/DVSA

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Last Online: Mar 1, 2018 23:06:10 GMT 1

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Selling shares in mot garage Apr 22, 2016 11:10:15 GMT 1 via mobile nitros44 likes this

Post by stealth on Apr 22, 2016 11:10:15 GMT 1

I don't see selling shares in a Limited Company as an issue but I will check when I get the opportunity.

Ownership of the business is the important point. If there are no changes to the directorship then it would be the same scenario as any PLC. Shareholders invest in the company and get a dividend but have no control over the running of the business.

If I was to agree with you, that would make us both wrong !

Sue AE/Manager/Owner Posts: 5 Last Online: Feb 13, 2017 22:05:27 GMT 1	Selling shares in mot garage Apr 22, 2016 14:07:18 GMT 1 Back to Top Quote Select Post Deselect Post Link to Post Back to Top Post by Sue on Apr 22, 2016 14:07:18 GMT 1 Hi , If you do get the time to check it out that would be fab . Thanks for getting back to me.

stealth
Ex VOSA/DVSA

Posts: 2,021

Last Online: Mar 1, 2018 23:06:10 GMT 1

Likes: 1,655

Selling shares in mot garage Apr 25, 2016 21:01:57 GMT 1 via mobile nitros44 likes this

Post by stealth on Apr 25, 2016 21:01:57 GMT 1

Apr 22, 2016 14:07:18 GMT 1 Sue said:

Hi , If you do get the time to check it out that would be fab .
Thanks for getting back to me.

Hi Sue

I presume from your first post that the garage is run as a Limited Company.

If that is the case, and you are simply proposing to sell shares in order to raise capital then there should be no problem.

If there will be any changes to directors or company secretary then DVSA would need to be notified.