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Listen "Spanner in The Works"
Episode Synopsis
A content piece this week all about some trials and tribulations Tracy has had in relation to borrowing money for a limited company that she is the sole director of. Whilst a very complex and confusing situation, tune in as Tracy takes a fun but serious look at a problem impacting sole director companies.
KEY TAKEAWAYS
A new judgement in February 2022 has led to new case law that is causing a little unrest in the world suppliers/partners especially lenders of money to companies with a single director.
When setting up a limited company in many cases people use the standard models of association (rules for the company).
This ruling may also impact companies that become sole director companies due to the resignation/departure of the other directors!
A directors meeting, according to the model article, must not be less than two people. So essentially it’s impossible to have a directors meeting as a sole director.
BEST MOMENTS
‘One judgement can affect other people coming behind them’
‘If you haven't got two people as a minimum then you can’t make a decision’
‘Lenders might want you to appoint another director, which you don’t want to do’
EPISODE RESOURCES
Link to the case that Tracy references
ABOUT THE HOST
With over 25 years of experience in IT Management and Business Consulting and 10 years plus helping hundreds of property investors through training, mentoring and speaking; Tracy founded Witch Property. Tracy is renowned for her knowledge on property & business and her ability to sell, market and grow the property individuals and companies she works with.
With a wealth of experience in business and property, Tracy has a rare capability of mixing her skills in this space with her knowledge of the mind, to ensure a truly rounded experience for growth and development.
Tracy on Facebook
Follow Tracy on Instagram
Tracy's LinkedIn
PODCAST DESCRIPTION
This is a podcast for anyone starting out in business with a willingness to learn from others. Hear stories from guests that have gone from zero to hero in their business and find out what advice they have to share. Tracy will also be bringing you stories from everyday people who are just starting, or are only part way through their own story to success.
KEY TAKEAWAYS
A new judgement in February 2022 has led to new case law that is causing a little unrest in the world suppliers/partners especially lenders of money to companies with a single director.
When setting up a limited company in many cases people use the standard models of association (rules for the company).
This ruling may also impact companies that become sole director companies due to the resignation/departure of the other directors!
A directors meeting, according to the model article, must not be less than two people. So essentially it’s impossible to have a directors meeting as a sole director.
BEST MOMENTS
‘One judgement can affect other people coming behind them’
‘If you haven't got two people as a minimum then you can’t make a decision’
‘Lenders might want you to appoint another director, which you don’t want to do’
EPISODE RESOURCES
Link to the case that Tracy references
ABOUT THE HOST
With over 25 years of experience in IT Management and Business Consulting and 10 years plus helping hundreds of property investors through training, mentoring and speaking; Tracy founded Witch Property. Tracy is renowned for her knowledge on property & business and her ability to sell, market and grow the property individuals and companies she works with.
With a wealth of experience in business and property, Tracy has a rare capability of mixing her skills in this space with her knowledge of the mind, to ensure a truly rounded experience for growth and development.
Tracy on Facebook
Follow Tracy on Instagram
Tracy's LinkedIn
PODCAST DESCRIPTION
This is a podcast for anyone starting out in business with a willingness to learn from others. Hear stories from guests that have gone from zero to hero in their business and find out what advice they have to share. Tracy will also be bringing you stories from everyday people who are just starting, or are only part way through their own story to success.
In God we trust