How do I resign as Company Director?

There are various reasons why you may wish to resign from a Limited Company, namely your decision to retire, ill health, alternative job opportunities or due to a dispute with the business shareholders.

Although it may seem a daunting and cumbersome procedure, resignation from a Limited Company can be relatively straightforward. It is important to ensure that all the correct legal steps are taken, and everything adhered to in an official manner. 

Your duty to the other Directors  

First and foremost, notification to the other Directors by written formal notice advising them and the shareholders of your intention to resign, effective date of resignation from the company and reasons why.

Secondly, it is necessary for the Directors of the business to ensure Form TM01 is completed and submitted to Companies House advising them of your resignation within 14 days of the date you officially resigned. This enables Companies House to be made aware of your resignation as Director and updated their records accordingly.

In addition to Form TM01 been completed, Form TM02 (for Company Directors) or Form LLTM01 (for LLP members) must also be submitted to Companies House.

Will I still be linked to the Company?

Although you will have left the business, your name will remain associated with the company and viewable via Companies House but you will be listed as ‘Resigned’. This will provide confirmation to people that you are no longer an active Director of the business.

What happens after you resign?

Once you have officially resigned and records have been updated at Companies House, you will no longer have the responsibility as Director of this business. This will also mean you have no further access to any of the business’s financial details, company accounts. You will also be no longer held responsible for anything that may have to the business after you have resigned.

Next Steps

If you want to find out anything further about this topic then please feel free to call me on 0330 236 9930, 0330 236 9938 or 07961 116321. All conversations will be in strict confidence. You can also email me vee@navigatebr.com

This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information.