NICHE BUSINESS
Legal Forum
ARE SHAREHOLDERS’ AGREEMENTS WORTHWHILE? BHUMIKA PARMAR Director of BP Legal Solicitors
WHY YOU MAY NEED AN IMMIGRATION LAWYER The conflict happening in Afghanistan right now has displaced millions of people. They’ve been forced to leave their homes and find safety elsewhere. The crisis has struck conversations around the world about immigration. It’s reminded us how complicated and intricate that people who aren’t lawyers can find the policies, laws, and regulations are around this topic and how they may feel isolated or overwhelmed by their situation and what happens next. Immigration Law can be confusing and complex and so it’s up to lawyers and professionals to ensure clarity on your options and how to proceed. At BP Legal Solicitors, we have a dedicated Immigration Department who diligently keep up to date with the latest changes to UK Immigration Law in order to give the best possible advice in relation to current circumstances. You may find yourself needing a range of specialist services to assist with immigration matters, whether they’re affecting you, your friends and family, or your business. These may include: ◆ Work Permit Applications ◆ Student Visas ◆ Political Asylum ◆ Dependant Relative Application ◆ Judicial Review ◆ Marriage/Civil Partnership Applications ◆ Illegal Entry/ Overstay ◆ Immigration Appeals ◆ Indefinite Leave ◆ Citizenship It’s important to seek advice as soon as you’re able, so the circumstances can be assessed and investigated in order to discover the paths you can take. 26 | NICHE
A shareholders’ agreement is often used to set out the terms governing issues in a limited company. It is a contract between all or some of the shareholders, so can deal with all or some aspects of the relationship between them. If there is no shareholders agreement, the relationship between the shareholders is governed by the company’s articles and memorandum. This would mean, for example, a shareholder who is a director could be removed as a director by the passing of an ordinary resolution (a simple majority) by the other shareholders. If there are three shareholders each holding a third of the shares, this would allow two of the shareholders to remove the third shareholder from being a director, and gain control of the Board of Directors. A shareholders’ agreement could protect an individual shareholder from being removed as a director or from
GREG HOLLINGSWORTH Director at Hollingsworths Solicitors being outvoted on key decisions.
What does a Shareholders’ Agreement commonly cover?
Some of the issues that can be covered include the transfer of shares, selling shares, directorships, what happens on the death of a shareholder and restrictive covenants on the shareholders. The inclusion of restrictive covenants can stop a shareholder from setting up a competing business (even if they have resigned as a director and shareholder of the company). In a company with two 50/50 shareholders, the agreement can deal with deadlock situations which can be a common problem in 50/50 situations.
WILLS FOR MARRIED COUPLES BHAVIN GANDHI Co-Director at Paradigm Wills and Legal Services Most couples like to combine their finances and legal documents since it’s a convenient way to manage confidential paperwork. If you’re considering making a will, writing a joint will may also seem like a good idea but is it the best option? What is a joint will? Joint wills are actually two separate wills that echo the wishes of the other partner which can include childcare, property, and finances, as well as additional wishes that are specific to the individual rather than the couple, such as funeral instructions. Joint wills usually state that when one testator dies, everything will be passed to the other, and when they die,
everything will be distributed according to the wishes of both parties. However, making a joint will requires both parties to agree that the wills cannot be changed without the consent of the other party, even after one party has died. We do not recommend creating a Joint Will. Making mirror wills Mirror wills is different to a Joint Will and allow each party to update their wills at any time without the consent of the other. This is particularly useful if you remarry or have children after your partner dies. Using trusts in your will If you’re concerned about how your partner may distribute funds after your death, you could choose to use trusts in your will that still allow them to benefit from assets. There are several types of trusts available that can be written into a will, so it’s best to seek professional advice for each individual circumstance.
