Recent content by Shahkti

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    Software licensing clause

    Thanks all for the really useful advice. I went back over the agreement and I think the sensible option is to let it go, and assume it can be assigned. It wasn't the best contract ever signed and I console myself that it was a once-off rather than a systematic thing. Onwards!
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    PDF Form Creation and Email Submission

    As I read the requirement you want the user to download a PDF file, be able to fill it in offline, then send it back to you. You do not believe that filling in a HTML form on-line is feasible. What you need is 1 copy of a PDF Editor that will generate an editable PDF form. This is just one...
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    Shareholder refusing to play ball

    Be careful about ongoing trading if you are this near to insolvency. Running up further liabilities now could be awkward to explain later. The 20% shareholder thinks s/he is making a compromise offer in accepting "only" 5%. It has to be brought home that 20% of nothing is zero, and the best way...
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    Unfair selection for redundancy - all help/advice appreciated!

    If the numbers "say" that the work of 15 employees in one centre can be absorbed by the recruitment of 1 employee at the other, it is going to be very hard to come up with a counter-proposal that saves that sort of money. If you take the combined salaries of those 15 and multiply it by around...
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    Software licensing clause

    Hoping someone here knows intellectual property law and software licensing! What's your interpretation of an agreement worded as follows: "A hereby grants back to X a full, unlimited, perpetual, irrevocable royalty-free multi-site license for {software asset name}, including any and all future...
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    What do you think of this?

    It's hard to know what to do. There isn't a lot of value created by the software and until there is, what have you really lost? In fact, you had 5 salary payments paid for by Mr Finance in addition to the £7K investment so it might not be a bad idea to see it from that point of view. If you...
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    What do you think of this?

    Are the following statements correct: 1. Although you were a co-founder of this company, there was no written shareholder agreement? 2. You were an employee of this company - paid a regular salary, NI and employer contributions etc. Despite this, there was no written contract of employment...
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    Advice on establishing a directors loan

    It isn't hard to find free or low-cost examples of both Shareholder Agreements and Director's Loan agreements on the Internet. Personally, I'd pay for extra advice and a bespoke version only if I wanted to do something unusual, and that would beg the question "why?". If you take a loan from a...
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    Partnership/Alliance with another company...where do we start ?

    One common way tp proceed in software sales is to write a partner agreement with the other company. Google for samples of sales agreement or partner agreement. You'll get examples that you can wordsmith to your taste and then run by a solicitor, or you may be able to buy off-the-shelf. Forget...
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    Setting up a new company with foreign investment

    1. What is the deal with company authorised capital? Can I create 1000 shares £1 each and give £50 shares to my investor even if he paid for them 20K? - You create as many ordinary shares as you think you'll need at a nominal price of say £0.01p then sell them to investors at a premium of...
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    finding Start up Finance

    My experience of SFLGS (Barclays) is that the Bank will at best offer matched funding i.e. if he had £35K they may offer the remaining £35K needed. Not sure how it applies to a shop, but they also usually look for evidence of committed orders. They are also prone to enticing you with SFLGS...
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    liqudation vrs administration

    Shells, This is a tough situation and the only consolation is that it happens to a lot of good business people and isn't usually a personal failure. It's down to the details, but unfortunately luck and timing are often part of the details. The quick answer comes down to whether you think it is...
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    Advice sought regarding shareholdings

    Based on the information you've provided: 1. We're soon to be drafting the shareholders agreement. What are the benefits of leaving some shares unallocated? If there are a large number of founder shareholders then it can be useful to leave a block unallocated for sale to investors. It can save...
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    limited company shares

    You need to look at Companies House guidance, can't post URL but the page you want is gba6.shtml - Google it. You have a number of shares issued in your limited company. They are worth whatever someone is willing to pay for them. To transfer them or to raise new shares you need to use...
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    Company Bank Loan - Personal Guarantee

    Hi, We are looking at a £50K loan with a High St bank and I'm trying to make sense of the loan agreement. Would be grateful for advice. Security for the loan is: "a) debenture on the Bank's standard form b) guarantee from [Director A] and [Director B] limited to £50,000 on the Bank's standard...
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