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This is for businesses looking for advice on corporate governance.
Without a Shareholders’ Agreement there are no ground rules by which disputes can be resolved, one of the shareholders can exit the business or take on greater responsibility in the event that a shareholder becomes unwell and cannot contribute the same amount of work to the business. The danger is that these disputes are often only resolved by involving solicitors or even the Courts and we all know how expensive this can become.
This is only one example of how important it is to have good Corporate Governance procedures in a company. Other examples would include how do you oversee your Health & Safety procedures, are your employment practices up to date and how often do you review them, how secure is the Intellectual Property in your company, how secure are the personal details you keep (both written and electronic details).
There are substantial costs and possibly fines if you don’t govern your company in a secure and professional manner.