Hi It was a basic 1 page Agreement , i have pasted it below , My partners name is Sohaib :
Agreement is :
This is what I propose;
1. SAW AJ BROTHERS will be split in the following manner
a. Shafi: 45
c. Ibrar: 10
d. Shares will be issues on the 1st January 2016
2. Prompt Parcels is and will remain 50/50 split between me and you minus taxes and expenses.
3. All of Ibrar’s clients are his and ours and I have no profit in that. But at the same time, he needs to be controlled. If you don’t control him, he will cause more issues going forward and if he causes me issues, I’ll just tell him to f**k off.
4. Faisal is yours, all the profits from him are yours. But no more separate staff in the future.
5. For your food I’m available, I’m not busy, Zubair is available. If he’s busy, Gary is available. If he’s busy, I’; find you someone.
6. Any commitment to UK MAIL, City Link, Hermes, or any other Carrier will be split proportionally as is VAT currently. Prompt Parcels will pay what is due from its side and you and Ibrar will pay the rest.
7. Separate company for your wife is fine. I never had any issue with that. Me and Ibrar will have no shares or anything in your wife’s business.
8. As for AMI OMEGA UK WIDE, we had agreed in August that
a. All Shafi’s client brought before the 1st February 2014 will remain his forever and no profits will be distributed.
b. All client’s brought after the 1st February 2014 will be 50/50 between Sohaib & Shafi and everyone else will get a cut from them, after they have agreed a figure.
c. Customer like (E.g.Sash and Viraj) who start on Hermes before 1st February 2014 will belong to Shafi as agreed and no profits belong to anyone but Shafi.
d. Hermes price is £2.45 for Packets and £2.75 Parcels
9. As for holidays and all the other day to day stuff I will consult you.
Does it say anything about termination?
Nothing about Termination , This is the contract which I have pasted above thats its and his and my signatures , thats all
He does Not have a share , So how is he entitled to it ?
It is said that he will recieve share in 2016 ? so is the contract still storng or is it weak as not he has left the business
It was said that these shares will be allocated in 2016 , please read sir. also his name is spelled incorrectly and it doest even say % it just says a figure so is he in strength or is their nothing he can stand on as I dont want to pay him anymore.
It says Prompt Parcels will remain 50/50 split between me and you
IT says that shares will be split
It does NOT say you can end the agreement.
Even if you spelt his name wrong does NOT make the agreement invalid
The agreement does not say you can end it - therefore you can not
I am sorry but this is the legal answer
Does that clarify the position?
Yes But he is Not a shareholder in the company , It is said in Agreement that shares will be allocated in 2016.
Also I am only the director , I am Not the sharholder , Only sharholder is my wife and she never signed the agreement , Only I signed the Agreement, Is its still vallid ? Does he still gets shares ? Is he still entitled to anything ?
Yes I understand that. But you have an agreeing that says he is entitled to x %
The shareholder does not have to sign it.
You made the agreement on BEHALF of the company
If you did not have authority then you should not have acted and he can sue for breach of contract
Does that clarify?
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Last Question and I will Rate your service good? How Long can the case take if he decides to sue me for profits and share , just give me average time for decision to be made ? Also How much will it cost him to sue me roughly ? thanks
ast Question and I will Rate your service good? How Long can the case take if he decides to sue me for profits and share , just give me average time for decision to be made ? Also How much will it cost him to sue me roughly ? thanks
Its hard to say but around 6 months and it would cost around £10,000 to take to Court if contested
Does that clarify for you?