If you decide to operate your business through a limited company and you are sharing ownership of the business with other people you should consider entering into a shareholder agreement.
This is an agreement made between the shareholders which sets out terms governing issue and transfer of shares, directorships, what happens when someone leaves or dies or retires and so on and can deal with the ongoing relationship of the shareholders in the company. It is a very useful exercise for focusing the mind on important issues to consider at the early stages of a business and is likely to same a huge amount of time, money and grief in the future by reducing conflict and dispute.
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