Hello,
I have a small business and there is one other shareholder apart from me. He would like to be bought out. I do not have the money. However the business has some reserves and is expected to make a profit in the coming months. He has asked for this to be used to buy him out.
The money will come from the company account but he will sell his share to me.
Is this legal or not? The company paying him off and I getting full ownership of it. No money will come from my personal account.
If it is not appropriate please suggest other ways in which he can be released from the firm.
Your assistance and advice in this matter will be much appreciated.
Thanks.
I have a small business and there is one other shareholder apart from me. He would like to be bought out. I do not have the money. However the business has some reserves and is expected to make a profit in the coming months. He has asked for this to be used to buy him out.
The money will come from the company account but he will sell his share to me.
Is this legal or not? The company paying him off and I getting full ownership of it. No money will come from my personal account.
If it is not appropriate please suggest other ways in which he can be released from the firm.
Your assistance and advice in this matter will be much appreciated.
Thanks.
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