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

I am a share holder in a small business and I am selling my

Resolved Question:

Hi, I am a share holder in a small business and I am selling my shares in my company to my business partner. The position I am in at the moment is we have had the business valued at 112k max and 70 minimum. Through negotiations my lowest I am settling for is 25k to either be bought out or buy her out. Ny business partner is offering me 15k and is has not budged at all through the last 2.5 year we have been going through this. I don't want to be in the business working any longer and my question is where do I stand on keeping my shares and not working in the buisiness wile we are negotiating sales?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.Is there a Director or shareholder agreement please?Alex
Customer: replied 1 year ago.
We have a very basic share holders agreement/memorandum set up when setting up our limited liability company. We do not have any excit strategy in place.
Expert:  Ash replied 1 year ago.
Ok - then you can remain a shareholder. They cant stop you from doing this at all. You would be entitled to keep your shares and not work for the business. You would still be entitled to see the accounts and a dividend at an AGM.Can I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
Thank you! No you are very clear thank you!
Expert:  Ash replied 1 year ago.
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
Ash and other Law Specialists are ready to help you