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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3665
Experience:  Solicitors 2 years plus PQE
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I am in a 3 man partnership. 2 of the partners want to sell

Customer Question

I am in a 3 man partnership. 2 of the partners want to sell their share to the workforce under an agreed repayment scheme. I want to pass my share on to my son. How do I stand ?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.

Alex J. :

Hi Thank you for your question and welcome.

Alex J. :

My name is AJ and I will assist you. Is your son proposing that he will go into partnership with the work force? Kind regards AJ

JACUSTOMER-bolw8hi8- :

hi AJ . my son already works for the company,

Alex J. :

Hi, Thank you. Is your son a partner?

Alex J. :

Does he want to carry on in partnership with the remaining workforce?

Alex J. :

Is he already a partner? Kind regards AJ

JACUSTOMER-bolw8hi8- :

yes, the present work force is about 80 , so I'm not sure if partnership is the best way.

Alex J. :

Hi, Thank you. Essentially you can do the following:

Alex J. :

1. Your son sets up a company of which he is one third shareholder and the workers are 2/3 shareholders equally - You then sell the business of the partnership to this new company as a going concern;

Alex J. :

2. You appoint all the workers and your son as partners, your son agrees to buy out your share in capital and you can agree between yourselves that he does not have to pay you?

Alex J. :

You and the other partners then retire from the partnership.

JACUSTOMER-bolw8hi8- :

thanks again AJ . you rescued me before...

JACUSTOMER-bolw8hi8- :

Thanks AJ.

JACUSTOMER-bolw8hi8- :

you rescued once before. best£36 Quid i ever spent.

Alex J. :

Hi Thank you. No problem. Can I assist any further? Kind regards