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Hello my name is ***** ***** I will help you.
Do you have a shareholder agreement please?Alex
What does it say about termination please?
Ok - but what does the contract say about it?
Ok - can you get it?
Its hard - it depends on what is in the contract.
If it says he can leave then he can - it makes no difference if he is a silent partner, unless the agreement makes reference to that.
So in short if the contract says he wants out then you can.
You also need to check to see what it says about buying someone out - I am sure you can. The business just gets valued and his share purchased.
But you need a copy of the contract - just ask for a copy.
Can I clarify anything for you about this today please?Alex
You can carry on, depending on what is in the contract.
You can just buy him out - as I said above, get the business valued and buy his share.
That is all you need to do.
Does that clarify? Alex
No, he cant refuse and yes you can go to Court if necessary
Yes I understand that. No - unless its in the contract that you can.
Only as per the contract, which is why you need it.
Yes he can have out. You can buy it.
Otherwise unless its in the contract, you cant say who he sells it to.
They are his shares, he can dispose of them how he wishes - unless the contract says otherwise.
If you wanted it they could only be sold to you, or you could say who they were sold to - that should have been in the contract.
Can I clarify anything? Alex
Not yet - only if he refuses and you MUST have a copy of that contract. Alex
Then you could turn to the Courts. Alex
County Court. Alex
If he refuses to do it and bullies you. He can only sell if the contract allows.
I keep coming back to this - you need the contract. Alex
You dont know that. You need the contract.
You cant really do anything without knowing whats in it.
If you dont have the contract then he can sell to whoever he wants to.
You cant stop him
But if you want his shares you have to value and buy them
If you cant afford it he can sell to whoever.
No - because you dont know what is in the contract.
You NEED the contract above anything else. That says what you both CAN and CAN NOT do.
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
Thank you for your feedback. If you remember right at the beginning I did say it would all be down to the contract.
I hope this helps. Alex
Ok - if you could rate so the site credits me, otherwise they dont! Thanks in advance. ALex