We have recently gone into business my husband and myself along with another person.
The company structure is set up as my husband and the other person as directors and then within the unit trust we all hold equal shares within the trust.
We regretfully didn’t get a buy/sell strategy out when things were set up.
My question is if I’m the future we wanted to either buy out or sell completely what are the legal requirements.
Does a shareholder vote take place? Or do both directors hold the same authority when ur comes to voting?
I’ll obviously talk to our solicitor but I’d like to find out where we stand and what others have done.
I hope that one of our resident experts can give you some general guidance on this.
However, please be aware that in most cases they’re not able to offer specific advice on your personal circumstances in an environment such as the forum, so you may need to check with your solicitor and/or accountant.
Normally you would buy the business and assets of the company rather than the company itself. Unless it is a large company or there is some other reason. Given that is normal, the entity you have used it is not really at issue