SHAREHOLDER AGREEMENTS
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SHAREHOLDER AGREEMENTS
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SHAREHOLDERS AGREEMENTS - THE BASICS
WHAT’S A SHAREHOLDERS AGREEMENT AND WHY DO I NEED ONE?
When you set up a new proprietary limited company, you can either execute a bespoke company Constitution or, by default, adopt the ‘replaceable rules’ contained in the Corporations Act 2001 (Cth).
However, it is important to note that no matter which course you take, a company Constitution has legal and practical limitations.
Most importantly, a company Constitution cannot be enforced by one shareholder against another. This means that in the event a company shareholder refuses to abide by or in some way breaches the Constitution, this does not provide you, as a shareholder, with any direct recourse.
Furthermore, most bespoke company Constitutions will only make a limited number of prescriptions regarding how the affairs of the company are to be conducted. The (often critical) minutiae, such has the distribution of responsibilities, the provision of capital and dispute resolution processes to be used are generally not addressed by a company Constitution. This leaves significant room for disagreement and discord.
This is where a well drafted Shareholders Agreement can help.
Firstly, a Shareholders Agreement can address the specific requirements of your company’s operations, along with the precise balance of responsibilities, rights and benefits that you wish to create to ensure a fruitful and harmonious relationship between shareholders and directors.
Secondly, a Shareholders Agreement creates a contractual relationship between each of the shareholders in your company. This provides each shareholder with a more robust set of rights in the event of a dispute.
Put simply, a Shareholders Agreement is critical to the smooth and profitable conduct of any serious enterprise. It can also save you tens of thousands of dollars in the event of a dispute.
If you an investor in a corporate enterprise, a well drafted Shareholders Agreement can mean the difference between the success and failure of your investment.
Contact us to discuss how we can protect your rights and the viability of your company with a comprehensive Shareholders Agreement.
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