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- I'm President and CEO of my company. Can I resign? I want out.
Claudius du PlooyBusiness Law
A director can resign at any time. However, corporate registry in your jurisdiction will not process that resignation if it takes you below the minimum number of directors as stated in the articles of the Corporation.
For most small business corporations, the minimum number of directors is one. This means that if you are the last director to resign, corporate registry will not process that registration data change as it would take you below the minimum. If the company has ceased operations then you can dissolve the corporation.
This is a simple process if there are no assets or liabilities; otherwise it is much more difficult.
About Claudius du Plooy
Claudius du Plooy, BComm, LLB, LLM is Founder of Claudius du Plooy Law Firm, a practice focussed on business law (corporate commercial law), securities law, commercial real estate development, entertainment law and international trade law. Claudius is passionate about SMEs.