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Ltd Co share transfer

  • 14-10-2011 5:33pm
    #1
    BenEadir
    Registered Users, Registered Users 2 Posts: 4,539 ✭✭✭


    Hi,

    Can someone point me in the direction of a the steps I need to take to execute a purchase of my 50% partners shares in our Ltd company? We've agreed a price (it's low!!) as the business is effectively dormant with no cash in the bank and a small amount of assets mainly tools etc but I feel I can resurrect it.

    Is this something I can do myself? Is there a form I can get him to sign like selling a car and once he signs that & I hand him a cheque the transfer is done?

    I really need to keep the cost of this to a minimum as the few quid I have is earmarked for working capital to get things going again.

    Cheers,

    Ben


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    BenEadir wrote: »
    Hi,

    Can someone point me in the direction of a the steps I need to take to execute a purchase of my 50% partners shares in our Ltd company? We've agreed a price (it's low!!) as the business is effectively dormant with no cash in the bank and a small amount of assets mainly tools etc but I feel I can resurrect it.

    Is this something I can do myself? Is there a form I can get him to sign like selling a car and once he signs that & I hand him a cheque the transfer is done?

    I really need to keep the cost of this to a minimum as the few quid I have is earmarked for working capital to get things going again.

    Cheers,

    Ben

    Check the Memorandum and Articles of Association, any special rules your company has for transfers should be in there. Other than that it's worth checking with a company formation store or a solicitor if you feel you're not able to do it right. It would be a much larger costs to you if you made a mess of the share purchase and the company succeeded. You'd likely find yourself in quite a mess of litigation in the future.


  • #3
    HellFireClub
    Closed Accounts Posts: 3,912 ✭✭✭HellFireClub


    Just use a B1 form (I think), to advise the bean counters down in the CRO (Companies registration Office), of the change in shareholding. You'd probably get a better answer over in the Entrepreneurial & Business Management Forum...


  • #4
    sandyhills
    Registered Users, Registered Users 2 Posts: 71 ✭✭sandyhills


    BenEadir wrote: »
    Hi,

    Can someone point me in the direction of a the steps I need to take to execute a purchase of my 50% partners shares in our Ltd company? We've agreed a price (it's low!!) as the business is effectively dormant with no cash in the bank and a small amount of assets mainly tools etc but I feel I can resurrect it.

    Is this something I can do myself? Is there a form I can get him to sign like selling a car and once he signs that & I hand him a cheque the transfer is done?

    I really need to keep the cost of this to a minimum as the few quid I have is earmarked for working capital to get things going again.

    Cheers,

    Ben[/Quote

    Hi Ben
    It is important that the transfer is done correctly as you don't want the person coming back in s few years time claiming to own the shares. We can draft the transfer docs for you if necessary. PM me if you want more details
    S


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