Questions & Answers
Questions & Answers
5 available 5 • View allThe best way to handle partners' shares in LLCs after death



3
Q: Good evening, Sir,
We have an LLC (under DED) with a UAE National 51%, one Belgian 25%, and an Indian 24%. The Belgian and Indian both are UAE residents and have their spouses also living in UAE as residents.
What will be the consequences if one of the Non-UAE partners died? What do you suggest as the best way to be prepared for this situation.
Your answer is already appreciated!




May 2, 2020
1737
Distributing the property of a deceased father and clearing the loans
8
Q: Hello,
My father passed away on 27th, July 2020. He owns two companies, one is an LLC, and the other is a CPP. Their rents have not been paid for 5 months due to the Covid-19 effect.
1. What is the future of these companies and their accounts?
2. He also owns other assets. How can I (his son) access them?
He has no loans or any dues apart from the pending rents.

Jul 29, 2020
902
The status of company shares after the death of the only owner

5
Q: What will happen to shares of a company after the only owner passes away?
It is a sole establishment.


Aug 5, 2020
1625
How to transfer the shares of a company from his heirs to the partners?


0
Q: A company is registered in a free zone (Dubai South) and had 4 shareholders.
But now one of them passed away and the successor is a very old lady, who is not cooperative and will not be able to sign any document at all (and she lives in another country).
We have no idea who will be a successor after this old lady and these people will in fact never be interested to do anything with this company.
The company is financed and managed by only one shareholder, who is willing to continue.
What can be done in this scenario to keep this company and continue operations?
How to transfer the shares of the deceased shareholder (buyout, shares transfer)?
Is there any court procedure where if no one claims their rights after some time, the shares will automatically be transferred to the company itself or the third parties?
Thank you.
A.



May 15, 2023
114
What happens to the shares of legal heirs of a partner if the trade license expires before filing the case?
0
Q: Hi,
There is a company with 3 directors, and one of the directors passed away.
If the trade license expires before the heirship case is filed, do the legal heirs' shares no longer exist?
Thanks

Jan 31, 2024
84
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3 available 3 • View allSecuring Your Assets in the UAE by Registering Your Will 14
Do you have assets in the UAE? Have you made a will yet? It is highly recommended to register a will soon, otherwise, the drive to asset disbursement can be extensive and expensive. In addition to the option of registering a will in DIFC for Non-Muslim will registration, Abu Dhabi Judicial Department (ADJD) had also introduced a separate office since August 2017, which has made the entire will registration process easier and cost-effective.
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Why You Need a Will in the UAE? 4
The United Arab Emirates is a Sharia-Law country with respect to personal status and inheritance. In accordance with the UAE legislation, the UAE Courts will adhere to Sharia Law in a situation where there is no proper Will in place.
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If You Are Not Immortal, You Should Write a Will 4
The last Will or the testament has been regulated by all the modern and ancient laws worldwide, as an expression of wishes of any person to some actions and decisions that should be taken, and instructions to be followed after their death - either concerning their assets and how it should be distributed or concerning important decisions towards the well-being and future of their minor children.
Oct 14, 2021
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Laws & Regulations
2 available 2 • View allFederal Law No. (28) of 2005 On Personal Status 24
UAE Personal Status Law (also known as Personal Affairs Law) governs marriage, divorce, inheritance and other personal affairs in the United Arab Emirates. The law equally applies to citizens of the UAE and non-citizens unless one of them asks for the application of his home country law.
Nov 19, 2005
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Federal Law No. (2) of 2015 On Commercial Companies 15
The provisions of this Law apply to the commercial companies established in the UAE and the foreign companies that have established in the UAE a base to conduct any activity therein or established a branch or representative office. The Law abrogates Federal Law No. (8) of 1984 Concerning Commercial Companies.
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How can I exit a partnership linked to an expired license and accumulating fines? 0
Good Day!
I am a partner in a trading license with two other individuals. Both of them were managing the business together as a cash-based operation without a bank account, while I was working elsewhere as an employee.
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Is the compensation for notice period deducted on the basis of full salary or basic salary? 0
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