Resigning as a member of a CC might be necessary when you wish to sell your interest (percentage) in the CC to the remaining member/s or to a new owner. It might also be needed if you simply wish to disassociate yourself with the existing business or other member/s.
If you wish to resign merely to get out of the CC, make sure that the remaining members relieve you of suretyships, etc, in writing before you sign the resignation document we would send you. Also make sure your loan account (if any) in the CC is paid back to you or taken over by another member. If the loan is in negative (you owe the CC money) you will need to pay it back or get another member to give you a signed letter stating that he/she takes it over from you.
If you’re selling your interest and resigning from the CC, make sure you get your money (or at least the first major payment) before you sign out. It’s probably a good idea to get your lawyer to draw up an agreement between you and the buyer, but you may come to us for preparing and processing the resignation papers.
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