Company Share Takeover

[Makkas]

Hi,

I recently setup a company in june with a friend. I'm the director, my friend is the Company Secretary. We both have 50/50 Shares. The original company name was setup my another friend, he had full ownership. At that time their was nothing, no building, no work, no expenses. So basically all he only came up with was the name.

He then transferred the Company name and address to myself and my friend. which shows in the Companies House, we then have got ourselves a building, expenses and a good client list.

Now the problem is this, he has now seen that the business is very profitable and now he is trying to claim a 50% moral share.

I'm very new to running a business, I don't want lose what me and my friend have built up all becuase someone else think they have a moral interest and deserve a share.

Any advice or even thoughts on what I should do are appreciated.

Thank you
Makka

 

[Lease4Less]

Legally he has no claim on the shares within your company, so unless he had trademarked the name there is nothing he can do.

 

[Makkas]

Thanks for replying.

But can he take me to court?

 

[Lease4Less]

Thanks for replying.

But can he take me to court?

For what?

Making a suggestion that you and your business partner acted on?

Unless he has something in writing to suggest that you would pay him royalties, or he has trademarked the name he has nothing.

 

[paul_william]

legally he has no right to claim you.. because he already surrender his rights. so you have to go for judicial action.............