Any company with more than one shareholder should strongly consider having a unanimous shareholders’ agreement in place. At the time of incorporation, this is often far from the shareholders’ minds and may be viewed as an unnecessary start-up expense. Shareholders are often friends or family members who have a close relationship and so don’t see the need for a shareholders’ agreement. This is understandable, however, time and time again, business lawyers like us, are asked to help corporations address issues that could have been avoided by a well-drafted shareholders’ agreement. It is often the case that the legal fees incurred to address the unexpected issue that arises far exceed the cost of preparing a shareholders’ agreement.
Much like a prenuptial agreement or a will, we often don’t want to think ahead to death, disability, or the breakdown of a business relationship. However, careful planning with a skilled business lawyer can make these already stressful life events much more affordable and manageable.
Ultimately, a well-drafted shareholders’ agreement can save you money and uncertainty and will ensure that your company can run smoothly and profitably. An experienced business lawyer can help you tailor the terms of your shareholders’ agreement to address the specific nature of your business and your relationship with other shareholders.
If you are interested in learning more about how unanimous shareholders’ agreement might benefit your corporation, contact Lift Legal’s business law team. Our business lawyers work with all files and types of St. Albert, Edmonton and surrounding areas. We will take the time to get to know you and your business and will provide you with a tailor-made agreement that you can understand.
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