How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

My business partner wants to close our business down can he

Resolved Question:

My business partner wants to close our business down can he do this without my consent
we are both 50% shareholders the business is currently very successful
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.For now please let me know if you have a shareholders agreement at all?ALex
Customer: replied 1 year ago.
we are a limited company registered with companies house both partners are registered as 50%shareholders
Expert:  Ash replied 1 year ago.
But do you have a shareholders agreement? If so what does it say about ending the business or one partner wanting to leave?
Customer: replied 1 year ago.
no we don't have shareholders agreement
Expert:  Ash replied 1 year ago.
Ok - your partner cant close the business down without a majority. He/she doesnt have that and as such can not close the business.The partner can sell the shares and that would be a way out, but in the absence of any agreement to the contrary your partner can NOT close the business. He/she simply doesnt have the power.Can I clarify anything for you about this today please?Alex
Ash and other Law Specialists are ready to help you
Customer: replied 1 year ago.
No thank you you have confirmed what thought,Many thanks,
Mark Clarges.
Expert:  Ash replied 1 year ago.
Good luck Mark.