Two friends of mine and I started a website development company (Australian Pty Ltd). Everything is going fine, we've got a few clients and a little money in the account.
After 4 months, one of three shareholders decided to forfeit his shares (1/3 ordinary shares) in return for 5% non-voting shares and a few thousand dollars payout. Which the rest of us are happy to agree to.
The question is, how do we go about doing this. I can make the changes with the ASIC (forms 484 and 2205), however, I'll probably need some paperwork done (company and from the shareholder who's leaving) to base the changes on.
I'm after an advice regarding company share structure changes. What's the proper procedure to follow here?