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Attila Hunter of our Azienda<\/a> and Commercial department sets out the reasons why shareholders<\/a> in a business<\/a> should consider putting a shareholder’s agreement in place and how it may help the running of the business.<\/p>\n\n\n\n Attila Hunter del nostro dipartimento Corporate and Commercial illustra i motivi per cui gli azionisti di un'azienda dovrebbero prendere in considerazione la possibilit\u00e0 di stipulare un patto parasociale e come questo possa aiutare la gestione dell'azienda.<\/p>\n\n\n\n A shareholders\u2019 agreement is a private<\/a> agreement made between the shareholders of a company. Its purpose is to govern how the company is run, protect shareholder investments and establish the relationship between the shareholders. The agreement can be entered into by individuals, corporate bodies or a combination of the two. Essentially any group of shareholders can enter into a shareholders\u2019 agreement providing its terms are agreed between the parties.<\/p>\n\n\n\n A shareholders\u2019 agreement may be useful for two or more individuals who have an equal shareholding in a company and wish to set out the decision making process in the event there is a deadlock in shareholder decisions<\/a>. A shareholders\u2019 agreement may also be useful when two or more individuals have an unequal shareholding in a company and wish to introduce majority or minority protection rights. Shareholders may also look to enter into a shareholders\u2019 agreement when they are setting up a joint venture<\/a> and wish to stipulate each company\u2019s obligations in a binding document.<\/p>\n\n\n\n A shareholders\u2019 agreement is a private document and can therefore contain<\/a> such clauses as the parties may agree. Typical provisions that would usually be found in a shareholders\u2019 agreement include;<\/p>\n\n\n\n Oggetto e scopo - \u00e8 utile per garantire che tutte le parti siano d'accordo su ci\u00f2 che la societ\u00e0 o la joint venture \u00e8 stata costituita per raggiungere e fornisce qualcosa agli azionisti da indicare nel caso in cui la societ\u00e0 o la joint venture sembri andare in una direzione diversa da quella originariamente concordata.<\/p>\n\n\n\n Dividend policy \u2013 this sets out the dividends that should be paid<\/a> to shareholders. Dividends can only be paid from a company\u2019s clear profits and the value attributable to them is usually decided by the company directors. However, a shareholders\u2019 agreement may contain a clause which states that a minimum percentage of the company\u2019s clear profits is to be paid to the shareholders by way of dividend. This can protect minority shareholders and also ensures that those who have purchased shares as an investment volont\u00e0<\/a> see a return on their investment.<\/p>\n\n\n\n Trasferimento di azioni - un accordo tra azionisti di solito contiene la procedura per il trasferimento delle azioni e pu\u00f2 includere disposizioni di \u2019trascinamento\u201c. Ci\u00f2 \u00e8 utile quando un terzo desidera acquistare una societ\u00e0, in quanto consente all'azionista di maggioranza di costringere gli altri azionisti a vendere le proprie azioni alle stesse condizioni. Allo stesso modo, un patto parasociale pu\u00f2 contenere disposizioni di \u201dtag along\u2019, che consentono agli azionisti di minoranza di assicurarsi che anche le loro azioni vengano acquistate in caso di vendita delle azioni di maggioranza. Un accordo parasociale pu\u00f2 anche stabilire cosa accadr\u00e0 alle azioni in caso di morte degli azionisti.<\/p>\n\n\n\n Restrictions \u2013 parties may wish to include certain restrictions on the shareholders such as non-compete<\/a>, non-solicitation and no poaching provisions. These usually apply during the time that the parties are shareholders and for a reasonable period thereafter.<\/p>\n\n\n\n Consenso degli azionisti - un accordo tra gli azionisti pu\u00f2 elencare le questioni che richiedono il consenso di tutti o di alcuni degli azionisti per imporre la gestione della societ\u00e0. Questo elenco di solito comprende le decisioni societarie pi\u00f9 importanti, come l'assunzione di prestiti superiori a un determinato importo o la modifica del nome della societ\u00e0.<\/p>\n\n\n\n Although not automatic, a company can bind incoming shareholders to the terms of the shareholders\u2019 agreement by making it a condition for any incoming shareholders to execute deeds of adherence to the agreement. However the practicality of this should be considered if the identity of the shareholders is likely to change frequently<\/a>.<\/p>\n\n\n\n Analogamente allo statuto, un patto parasociale stabilisce le modalit\u00e0 di gestione di una societ\u00e0. Tuttavia, vi sono alcuni vantaggi nell'utilizzare un patto parasociale piuttosto che modificare l'atto costitutivo per stabilire le modalit\u00e0 di gestione di una societ\u00e0;<\/p>\n\n\n\n Whereas articles are filed at Companies House and can be viewed publicly by anyone, a shareholders\u2019 agreement is a private document which is confidential between the shareholders and usually kept at the company\u2019s registered office. This is beneficial<\/a> for companies who wish for certain information to remain confidential such as the contributions of the shareholders.<\/p>\n\n\n\n Usually articles are generic and contain standard<\/a> rules that a company should comply with. A shareholders\u2019 agreement is useful for when a company or joint venture has bespoke provisions in place and wishes to set out the day to day operations such as how the company or joint venture is to be managed and how to deal with disputes between the parties.<\/p>\n\n\n\n Gli statuti possono generalmente essere modificati con una delibera speciale (maggioranza di almeno 75% degli azionisti), ma un patto parasociale di solito richiede l'accordo di tutte le parti per essere modificato. In questo modo si tutelano tutti gli azionisti, compresi quelli che detengono una partecipazione di minoranza.<\/p>\n\n\n\n Aside from the above, a further benefit of having a shareholders\u2019 agreement is that it can be used to act as a master agreement for the completion of secondary documents<\/a> between the parties such as; a management agreement between two companies in a joint venture, or a scope of works contract between two developers who have joined forces on a development project.<\/p>\n\n\n\n Spesso le persone creano societ\u00e0 con amici o familiari e non considerano la possibilit\u00e0 che le cose vadano male. Il vantaggio di avere un patto parasociale \u00e8 che include disposizioni che prevengono i disaccordi e stabiliscono come risolverli.<\/p>\n\n\n\n (Nota bene:<\/strong>\u00a0This article was originally published on our previous website and is provided for general information purposes only. While it reflects the legal position at the time of writing, the law may have changed since publication. For up-to-date advice tailored to your circumstances, please contact<\/a> our team<\/a>.)<\/em>Che cos'\u00e8 un patto parasociale?<\/h4>\n\n\n\n
Quando pu\u00f2 essere utile un patto parasociale?<\/h4>\n\n\n\n
Cosa si pu\u00f2 trovare in un patto parasociale?<\/h4>\n\n\n\n
Gli azionisti entranti possono essere vincolati ai termini di un patto parasociale esistente?<\/h4>\n\n\n\n
Quali sono i vantaggi di un patto parasociale?<\/h4>\n\n\n\n
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