Really grateful for any advice.
Below is a brief overview of the Company:
- 3 Shareholders, all have spouses and children
- Equal shareholding exc Director has one share more
- minimal profit
What we want is to ensure that if one of us dies,
-the remaining shareholders have the right to buy the shares, i guess from the spouse
- the spouse has to sell them to the remaining shareholders
- avoid IHT or any other tax liability on this transaction
- the two remaining shareholders must pay the value of a third of the business (whatever this is at the time) for the shares over a set number of years (probably 10 years) to avoid financial difficulties.
All three siblings get on very well and are happy to have this type of agreement in place. I have no idea how to go about this or even if it can be done. Do we put it in the Articles and have a seperate shareholder agreement with the finer details?
Thank you in advance!