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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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My business partner wants to buy me out and we need to know

Resolved Question:

My business partner wants to buy me out and we need to know whether we can use cash held in the business to do this?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

There are various restrictions on the use of company funds for the purchase of shares in the company.

It would be advisable to distribute the funds to your business partner first (after payment of any applicable corporate taxes) and then for your business partner to use those funds to purchase your shares.

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