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JGM, Solicitor
Category: Law
Satisfied Customers: 12087
Experience:  30 years as a practising solicitor.
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I have a 10% stake in a photography business. The business

Customer Question

I have a 10% stake in a photography business. The business is a ltd company & the other 90% share is owned by one person.
For the past 2 years I've been working there as a self employed photographer, running the studio on a commission only basis.
Our arrangement has come to an end & I wish to leave the business & sell my shares to her.
She has threatened to close the business so I won't receive anything.
Could you give me any advice on where I stand legally?
Submitted: 8 months ago.
Category: Law
Expert:  JGM replied 8 months ago.

Thanks for your question. In the absence of Articles of Association or a shareholders agreement to say otherwise, you can't force another shareholder to buy your shares. Can you tell me what there is as regards paperwork?

Customer: replied 8 months ago.
Hi. I only have a share certificate that states I have a 10% share.
What about the threat of closure? Can I do anything about that?
Expert:  JGM replied 8 months ago.

Not really. If she doesn't want to continue without you then she doesn't have to. She can leave too in other words.