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I HAVE BEEN IN BUSINESS FOR PAST 27YRS WITH MY BROTHER ,I'AM…

Customer Question
HI I HAVE BEEN...

HI I HAVE BEEN IN BUSINESS FOR PAST 27YRS WITH MY BROTHER ,I'AM WISHING TO LEAVE ,I HAVE 50% OWNERSHIP.I WAS JUST WONDERING WHAT TO DO .MY BROTHER HAS KNOW INTEREST IN PURCHASING MY HALF,WHAT OPTIONS DO I HAVE .THANKS

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

N.S.W NO

Lawyer's Assistant: Has anything been officially filed? If so, what?

I HAVE GIVEN A DOCUMENT TO HIM TELLING HIM MY INTENTIONS

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

, THE ONLY THING IS THAT HE HAS ACCEPTED NOW THAT I'AM LEAVING,AND THE BUSINESS IS NOW UP FOR SALE ,JUST THAT I'M GOING BEFORE BUSINESS IS SOLD.

Submitted: 8 months ago.Category: Australia Law
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Answered in 1 hour by:
11/20/2017
Solicitor: John Melis, Lawyer replied 8 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,336
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified
Dear customer, my name is***** solicitor, thank you for using Just Answer, I will assist with your question today. Please allow me a few moments to review your post and I will respond accordingly. 

Kind regards. 
John Melis
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Solicitor: John Melis, Lawyer replied 8 months ago
Are you running your business as a proprietary limited company or in your name as a sole trader, or are you under a partnership agreement?
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Customer reply replied 8 months ago
As a proprietary limited company
Solicitor: John Melis, Lawyer replied 8 months ago

the appropriate way out of of the the business is through the sale of your shares.

this means you sell your shares held over to your brother through a share sales agreement.

you will then need to resign as a director of the company and have your name removed from ASIC's register.

have you drafted a share sales agreement yet ?

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Customer reply replied 8 months ago
We have 4 motor vehicles 2 owned outright by company and 2 on lease and money in investment a/c plus other assets owned by company. DO i have any entitlements on these
Solicitor: John Melis, Lawyer replied 8 months ago

if these assets are in the company name, they will belong to the company.

Unless the company itself enters into a agreement to sell you these items .

Would you like to discuss this matter on the telephone ? I have extended a special offer to you if you prefer.

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