Share Agreement legal?

[Walshie]

Hi All

Just found this forum, looked through the threads cant find an answer im looking for. can any of the members please tell me when a share agreement becomes legal? would it be when it is signed or when it is filed with companies house?

I will become a minor share holder, do I need to sigh the agreement, im under the impression I do but another investor is saying I don't and he wants to draw up another agreement exactly the same for me to sign. not sure why they would want to do that when I could sign the original.

Any help will be really grateful. thank you in advance.

 

[Chris Ashdown]

A shareholders agreement is basically a way of controlling for any future area's where there may be dispute, like what happens if a shareholder die's or leaves the company, what rights different shareholders may have.

It tries to make a good foundation for shareholders to work together with pre established and agreed rules

I suggest you take your copy to a lawyer to check it over and explain fully what it means to you in laymans terms before you sign
Unfortunatly it can also be a tool to rip unsuspecting people off but benefits the largest shareholder

 

[KAC]

The agreement is not filed at Companies House. There should be one agreement that binds all shareholders. As said by @Chris Ashdown you should consult an appropriately qualified lawyer or speak to @The Resolver, a member on here. You may also need a service contract

 

[The Resolver]

If you are talking about a Shareholders Agreement as Chris explains it, then it becomes binding once all shareholders have signed. I would be happy to advise on its meaning.I draw these up regularly. As KAC says, it is not registered at Companies House.

I suspect however you may be referring to an agreement to issue you with shares and nothing more. Are you making a payment and is such to be the purchase price for a transfer of existing shares to yourself or capital of the company or a loan by you to the company?

 

[Walshie]

Thank you all for your responses. The resolver yes I have been issued shares by way of an unpaid debt which I am happy with, my issue is with the other investors that have come on board and although the agreement was drawn up and signed by the others it wasn't wasn't signed by myself. Surly it cannot be legal until I have done this.

 

[Chris Ashdown]

Were these ordinary shares you were given and what percentage of the overall number of shares issued do you have

Please take up the resolvers offer

 

[Walshie]

Hi yes they are ordinary shares. Sorry first time on this forum how can I get I touch with you the resolver? I would like to discuss this in more depth.

 

[Scalloway]

how can I get I touch with you the resolver?

His contact details are in his footer.

 

[Walshie]

Thank you

 

[Chris Ashdown]

Don't forget to come back after and tell us the story

 

[Walshie]

Hi All

Well we have had fun and games with this - just to recap, a share agreement was raised and signed by 4 of the 5 shareholders, I refused to sigh because it didn't look right. I then asked the resolver for advise, which was amazing by the way and he kindly got involved and sorted it all out. thank you. in the mean time monies were transferred for the shares but then refunded back, no share agreements were issued at this point. it now transpires one of the original potential shareholders is not happy that he will no longer be a shareholder and is insisting the agreement is still valid, even though he received his money! he has now sent a legal letter asking for his shares, basically he is stating he bought 15 shares and sold back 10 which relates to the money he received back (which was the whole amount) therefore asking for his remaining 5 shares. is this guy clutching at straws here? he is threatening to take us to court.

 

[ethical PR]

Thanks for the update. Sounds like you need to go back to @TheResolver.