Edward Garston
For more information please contact Edward Garston on 01708 229 444 or by email.
We provide a wide range of legal services to individuals and businesses through our specialist teams of solicitors across our offices.
Are you about to set up a company and become one of its shareholders?
Are you currently a shareholder of a company but there is no shareholders agreement in place?
If the answer is YES to either of these questions then you should consider a shareholders agreement.
If you are on the verge of setting up a new company or are going into business with your colleagues, you would be well advised to enter into a shareholder agreement.
This is a private document setting out how the company should be run, and more importantly it establishes additional rules and procedures relating to the shares held by all those involved. It governs the overall relationship between the shareholders to deal with those key operational matters which are not provided for in law. Our commercial solicitors are experienced in advising and drafting agreements and will guide you through each step of this essential process, as we have done with many other clients across Essex, London and further afield.
Believe it or not, there is no automatic right giving continuing shareholders the right of first refusal if another shareholder decides to sell. This could have significant consequences in a close-knit company owned and run by a small number of individuals. It could mean that the continuing shareholders may have to deal with someone that they didn’t like. In more severe circumstances, it could result in a competitor acquiring an interest. Such concerns can be addressed in a shareholder agreement.
Sometimes shares are promised to employees as an incentive. This can be a great way to encourage participation in decision making and offers a real sense of ownership and responsibility. But what if that individual were to leave the company? What would happen to their shares? Without proper thought and planning, there is nothing that would automatically require them to surrender their shares upon leaving. So they could, potentially, continue to benefit from dividends and have a say in the running of the company long after leaving it.
Often a shareholder agreement is forgotten about or simply disregarded as costly, unnecessary and something to worry about in the future. But the initial cost will almost certainly be less than the time and money spent dealing with a later dispute between shareholders where no agreement has been put in place – our expert corporate solicitors have first-hand experience of dealing with legal cases such as this. Although an agreement can be entered into at any time, it works best when formalised at the outset of a new arrangement. Certainly, it needs to be in place before a dispute has arisen.
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Edward Garston
For more information please contact Edward Garston on 01708 229 444 or by email.
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For help and advice, talk to a member of our team. They can advise on the best options in your matter.
Upminster
Pinney Talfourd Solicitors
54 Station Road
Upminster
Essex
RM14 2TU
DX: 35555 Upminster
T: 01708 229 444
F: 01708 228 163
E: upminster@pinneytalfourd.co.uk
Brentwood
Pinney Talfourd Solicitors
30 High Street
Brentwood
Essex
CM14 4AJ
DX: 5003 Brentwood
T: 01277 211 755
F: 01277 261 154
E: brentwood@pinneytalfourd.co.uk
Hornchurch
Pinney Talfourd Solicitors
40 North Street
Hornchurch
Essex
RM11 1EW
DX: 51004 Hornchurch
T: 01708 511 000
F: 01708 511 040
E: hornchurch@pinneytalfourd.co.uk
Chelmsford
Pinney Talfourd Solicitors
Elizabeth House
28 Baddow Road
Chelmsford
Essex
CM2 0DG
T: 01245 206 684
E: mail@pinneytalfourd.co.uk
Canary Wharf
Pinney Talfourd Solicitors
18th Floor
40 Bank Street
Canary Wharf
London
E14 5AB
By appointment only. Please send all written correspondence to our Upminster office.
T: 020 3105 0305
E: canarywharf@pinneytalfourd.co.uk
Leigh-on-Sea
Pinney Talfourd Solicitors
The Old Gasworks
43 Progress Road
Leigh-on-Sea
SS9 5PR
By appointment only. Please send all written correspondence to our Upminster office.
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