We are starting a limited (by shares) company with partner (in England).
We wanted to model it in way that I have 70% of dividend and capital distribution rights and my partner 30%, but we both have 50%/50% of voting rights.
We structured our stocks like this using a wizard on the Companies House website
Class A shares (for dividends and capital)
votes: "No votes per share"
dividend: "Each share is equally entitled to a distribution of dividends"
capital: dividend: "Each share is equally entitled to a distribution of capital" (70% of those shares assigned to me and 30% to my partner)
Class B shares (just for voting)
votes: "Each share is entitled to one vote in any circumstances"
dividend: "No dividend distribution rights"
capital: dividend: "No capital distribution rights"
(50% of those shares assigned to me and 50% to my partner)
We've got a rejection with reason "Class B shares do not mention any dividend rights" (but we covered dividend rights already by Class A shares).
We thought that this is whole point of different classes of shares: Class A shares give dividend and capital rights and Class B give voting rights.
What are we doing wrong here?