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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask AlisonSolicitor Your Own Question
AlisonSolicitor
AlisonSolicitor,
Category: Law
Satisfied Customers: 307
Experience:  Expert
117702753
Type Your Law Question Here...
AlisonSolicitor is online now

I would like to sell my share of the LTD company owned by me

Customer Question

I would like to sell my share of the LTD company owned by me to my son? What are the steps this to be done?
JA: Where are you? It matters because laws vary by location.
Customer: UK
JA: What steps have you taken so far?
Customer: I have changed the Person with a significant control to my son
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 6 days ago.
Category: Law
Expert:  AlisonSolicitor replied 6 days ago.

Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialise in UK and Irish Law. I am not always online but rest assured if I do not respond immediately I will respond when I return.

Expert:  AlisonSolicitor replied 6 days ago.

Is there anything else you feel is relevant to your question or anything else you would like to add before we continue?

Customer: replied 6 days ago.
No, not to be sure. I am looking to sell this share to my son
Expert:  AlisonSolicitor replied 6 days ago.

Does your LTD company owned by more than one owner? If so, all of the shareholders will need to agree to the sale. This is because the assets and liabilities of the business are held by the limited company. When the shares of the limited company are sold, the assets and liabilities are transferred together with the company.

Customer: replied 6 days ago.
It is only myself
Customer: replied 6 days ago.
No, it is just me
Expert:  AlisonSolicitor replied 6 days ago.

Thank you for sharing this information.

Expert:  AlisonSolicitor replied 6 days ago.

First, the  parties involved will often negotiate the basic terms of the deal which is sometimes set out in writing using “Heads of Agreement”. This is a document in which the agreements of the parties are stipulated. Secondly, you should prepare a draft of the Share Purchase Agreement which will be forwarded to your son for review and signature.

Expert:  AlisonSolicitor replied 6 days ago.

The transfer of shares in a LTD company is a private transfer. Hence, It is not recorded on the public register.

Expert:  AlisonSolicitor replied 6 days ago.

Is there anything else I can help with today?

Customer: replied 6 days ago.
No thanks
Expert:  AlisonSolicitor replied 6 days ago.

Thank you for your enquiry today, please do not hesitate to contact us in future if you have further enquiries.

Expert:  AlisonSolicitor replied 6 days ago.

Thank you for your question on JustAnswer. I am always available to help and please do let me know if you have any other questions I can answer for you.