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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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I have a company and I hold 99% of the shares in another

Customer Question

I have a company and I hold 99% of the shares in another company with myself as the president. Can I enter into a commercial agreement with that company and have penalties if they do not comply with the terms
Submitted: 4 months ago.
Category: Law
Expert:  Alex J. replied 4 months ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Can you provide me with any further details? Are you saying you own shares in both companies? Are the penalties based on non performance and are they an estimate of loss suffered? Kind regards AJ

Expert:  Alex J. replied 4 months ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Can you provide me with any further details? Do you own shares in both companies? Are the penalties based on non performance and are they an estimate of loss suffered? Kind regards AJ

Customer: replied 4 months ago.
I have a limited company. that company owns 99% of the other company. We will pay the other company 10% commission on sales.They will act as agents and forward all money received to my limited company. Can I charge interest of 5% per month for late payment? The other issue is that the first company is based in Uruguay and the other in England.
Customer: replied 4 months ago.
want it subject to english law
Expert:  Alex J. replied 4 months ago.

Hi, Thank you. ***** you can put in a interest rate provision for late payment. The only thing I would say is 5% is a bit excessive, and I would make sure that you have it on record that the other company has been independently advised on this to ensure it is binding. Is there a reason why you need an interest clause, does the other company have problems sending money out of Uruguay?

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