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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I am looking to sell my limited company of which I am an 88%

Customer Question

I am looking to sell my limited company of which I am an 88% shareholder, the other 12% might try to stop me, is that possible?
Submitted: 7 months ago.
Category: Law
Expert:  Ash replied 7 months ago.
Hello my name is ***** ***** I will help you.Do you have a shareholders agreement please?Alex
Customer: replied 7 months ago.
We have an agreement of sorts and it does not state anything about the sale of the business
Expert:  Ash replied 7 months ago.
Yes you can sell the shares. Unless there is anything in writing in the shareholders memorandum or articles then you can sell on. So unless it says you cant or there are certain conditions you can sell the shares to whoever you want.Can I clarify anything for you about this today please?Alex
Customer: replied 7 months ago.
I want to sell the whole company not just my shares.....?
Expert:  Ash replied 7 months ago.
Well you cant do that. The person retains their shares. You can sell your shares but thats it.That person can then have a formal takeover of the company.Does that clarify?Alex
Customer: replied 7 months ago.
Ah so all shareholders have to agree to the sale? Is there anything I can do to force it? As I am the MD
Expert:  Ash replied 7 months ago.
No. You cant just force it. You can sell YOUR shares, there is no issue on that.Then the owner of your shares may try a formal buyout. That might work.But as it stands you can sell your own shares.Does that clarify?Alex
Customer: replied 7 months ago.
It does but I assumed as MD I would have more rights to my own company. thank you for your help
Expert:  Ash replied 7 months ago.
No, you are just a Director who manages, no more rights than others.I am sorry. If I could invite you to rate my answer before you go today please, otherwise the site does not credit me for the time spent with you today. Thanks and good luck. Alex
Expert:  Ash replied 7 months ago.
If this answers your question could I invite you rate my answer 3, 4 or 5 starts before you leave today.I am only paid for my work on this question if you rate my answer, using the star system at the top of the screen. Please do not forget! Thank you.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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