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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13329
Experience:  Solicitor with more than 30 years experience
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I own 66% of a new company. I gave away 1/3 of the company

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I own 66% of a new company. I gave away 1/3 of the company to someone who has no money but was going to help the build company. He has now decided to leave the company to work for himself. The company has no value and except the debt to me. Someone wants to invest in the property but wants this shareholder to leave. Can I make them sell the shares at market value ?
Submitted: 2 years ago.
Category: Law
Expert:  Senior Partner replied 2 years ago.
Hi thanks for your question. I am afraid that unless you have a shareholders agreement or special articles adopted to cater for shareholders ceasing be employees then you have no right to require him to sell. There is no mechanism for compulsory purchase of minority shares without petitioning the court.
You may be better to set up a new company. Get legal advice before giving someone shares in a private company
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