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About Product
This template provides a strong shareholders agreement providing limits on what directors can do, consent of shareholders to issue new shares and options for tag and dragging of minority shareholders where a chosen percentage of shareholders agree to sell their shares plus a range of other important options, explained in the interview process.
Note: It is important to watch the video on how to build as there are a range of options. Alternatively create the shareholders agreement and get Abbott and Mourly Lawyers to review.
► $249.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by LY Legal and is congruent with Australian law.
General Information
Where there is more than one shareholder in a company it is imperative to have a well documented shareholder’s agreement. This is the case even with couples in the case of a separation. Without a strong shareholder’s agreement, if an issue arises and the company constitution does not hold the answers, it is off to the lawyers and even the Courts. The LYD shareholders agreement template, provided and signed off by LY Legal Lawyers is a robust agreement that covers shareholder rights with options for pre-emption, drag and tag in the event of a sale, restrictions of issuing shares, company loans and controlling the Board of Directors, amongst others.
Benefits
- Vital for all companies where more than one shareholder
- A range of advanced options takes the agreement from a simple shareholders agreement to a sophisticated agreement
- Used by Abbott and Mourly Lawyers for large and small companies, so tested in the live market
- Great value for money
- Important to watch the video on how to build.
Frequently Asked Legal Questions
Why use the LYD Shareholders Agreement?
The shareholders agreement covers both simple – mum and dad plus small shareholder companies, to large investment and business concerns. If you need advice on the creation please contact LY Legal.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts
Do you have a data capture form I can use?
Is this document a legal document?
All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.
What lawyers sign off on the LYD documents?
All LightYear documents are prepared and signed off by LY Legal from Melbourne, Sydney and Brisbane.
Are the LYD documents reviewed regularly?
All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.
Can I get a sample of this document?
Yes, please email support@lyd.com.au to request a sample document for you to review.