How to resign as a company director to switch to full-time employment
If you wish to resign as a company director as you want to seek full-time employment elsewhere, you will need to settle company affairs before you can step down from your role. There are many reasons why company directors transition to full-time employees, to free up time, reduce stress and attain wage certainty.
I'm a company director but I want to be employed
The strain of running your own business can sometimes become too much – even when it’s doing well, but especially if the company is struggling. Being a business owner is not a 9 to 5 job. Evenings and weekends are often not your own because maybe invoices have to be raised, a VAT return has to be completed or the wages have to be processed. As a business owner you can become envious of your employees because when they finish work on Friday they leave and look forward to the weekend, while you’re still sat in the office finishing off work and planning for next week.
Sometimes it’s good to take a step back from being a company director and to consider if maybe having a job instead would be a better option. As a business owner you would be a valuable asset to any future employer because of the knowledge and skills you’ve gained whilst running your own company. You’ll be self-motivated, used to working under pressure, you’ll have experience handling staff and being a team leader, all skills that employers look for. For yourself, having the security of an employed position with a regular income may be a welcome change. Being employed may mean that you can leave the office at a normal time and be able to switch off your mobile phone when you go on holiday. Other benefits can also come with being employed. Depending on your employer, you may be offered a company pension, medical insurance, a company car or flexible working hours.
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However, on the flip side you would have to give up some of the benefits you are used to. You will have an employment contract that dictates the terms of your employment and you’ll be legally bound to adhere to these terms. As a company director you have flexibility to take holidays when you want or finish early from time to time. By working for someone else, you’ll no longer have such flexibility and you will have to respect the needs of your employer. One of the most important things to remember is that you will no longer be in charge. This may prove frustrating when decisions are made that you may not agree with but which you will still be expected to comply with. Although it may be difficult to accept this at first, remember, it will be you leaving on time on Friday and looking forward to the weekend!
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Still unsure whether liquidation is right for your company? Don't worry, the experts at Real Business Rescue are here to help. Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.