{"id":61001,"date":"2023-12-08T20:24:20","date_gmt":"2023-12-08T11:24:20","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61001"},"modified":"2024-03-30T22:29:22","modified_gmt":"2024-03-30T13:29:22","slug":"right-of-first-refusal","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal","title":{"rendered":"Co jsou p\u0159edkupn\u00ed pr\u00e1va a pr\u00e1va na spole\u010dn\u00fd prodej stanoven\u00e1 ve smlouv\u011b mezi akcion\u00e1\u0159i?"},"content":{"rendered":"\n<p>Smlouvy mezi akcion\u00e1\u0159i spole\u010dnosti, kter\u00e9 jsou uzav\u00edr\u00e1ny mezi akcion\u00e1\u0159i, mohou b\u00fdt uzav\u0159eny tak\u00e9 p\u0159i f\u00faz\u00edch a akvizic\u00edch (M&amp;A), ale nej\u010dast\u011bji jsou uzav\u00edr\u00e1ny p\u0159i zalo\u017een\u00ed spole\u010dnosti. Zejm\u00e9na p\u0159i zalo\u017een\u00ed startupu je b\u011b\u017en\u00e9, \u017ee akcion\u00e1\u0159i-investo\u0159i omezuj\u00ed p\u0159evod akci\u00ed akcion\u00e1\u0159\u016f-\u0159editel\u016f v smlouv\u011b mezi akcion\u00e1\u0159i, aby zabr\u00e1nili odchodu zakladatel\u016f ze spr\u00e1vy spole\u010dnosti.<\/p>\n\n\n\n<p>Typ omezen\u00ed p\u0159evodu akci\u00ed stanoven\u00fd v smlouv\u011b mezi akcion\u00e1\u0159i je velmi d\u016fle\u017eit\u00fd. D\u016fvodem je, \u017ee pro investory to vede k r\u016fstu spole\u010dnosti d\u00edky stabiln\u00edmu \u0159\u00edzen\u00ed spole\u010dnosti a zaji\u0161t\u011bn\u00ed p\u0159\u00edle\u017eitost\u00ed pro &#8220;Exit&#8221;. Na druh\u00e9 stran\u011b, pro akcion\u00e1\u0159e-\u0159editele to vede k \u0161irok\u00e9mu z\u00edsk\u00e1n\u00ed kapit\u00e1lu a prevenci proti odtoku akci\u00ed do nep\u0159\u00e1telsk\u00fdch sil.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku vysv\u011btl\u00edme &#8220;pr\u00e1vo prvn\u00edho odkupu&#8221; a &#8220;pr\u00e1vo na spole\u010dn\u00fd prodej&#8221;, kter\u00e9 jsou mezi omezen\u00edmi p\u0159evodu akci\u00ed stanoven\u00fdmi v smlouv\u011b mezi akcion\u00e1\u0159i.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Co_je_to_smlouva_mezi_akcionari\" title=\"Co je to smlouva mezi akcion\u00e1\u0159i\">Co je to smlouva mezi akcion\u00e1\u0159i<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Proc_je_treba_omezit_prevod_akcii_akcionaru-reditelu\" title=\"Pro\u010d je t\u0159eba omezit p\u0159evod akci\u00ed akcion\u00e1\u0159\u016f-\u0159editel\u016f\">Pro\u010d je t\u0159eba omezit p\u0159evod akci\u00ed akcion\u00e1\u0159\u016f-\u0159editel\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Vyhody_omezeni_prevodu_akcii_smlouvou_mezi_akcionari\" title=\"V\u00fdhody omezen\u00ed p\u0159evodu akci\u00ed smlouvou mezi akcion\u00e1\u0159i\">V\u00fdhody omezen\u00ed p\u0159evodu akci\u00ed smlouvou mezi akcion\u00e1\u0159i<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Klausa_o_predkupnim_pravu_v_akcionarske_smlouve\" title=\"Klausa o p\u0159edkupn\u00edm pr\u00e1vu v akcion\u00e1\u0159sk\u00e9 smlouv\u011b\">Klausa o p\u0159edkupn\u00edm pr\u00e1vu v akcion\u00e1\u0159sk\u00e9 smlouv\u011b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Ustanoveni_o_spolecnem_prodeji_v_akcionarske_smlouve\" title=\"Ustanoven\u00ed o spole\u010dn\u00e9m prodeji v akcion\u00e1\u0159sk\u00e9 smlouv\u011b\">Ustanoven\u00ed o spole\u010dn\u00e9m prodeji v akcion\u00e1\u0159sk\u00e9 smlouv\u011b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Shrnuti_Konzultujte_smlouvy_mezi_akcionari_s_pravnikem\" title=\"Shrnut\u00ed: Konzultujte smlouvy mezi akcion\u00e1\u0159i s pr\u00e1vn\u00edkem\">Shrnut\u00ed: Konzultujte smlouvy mezi akcion\u00e1\u0159i s pr\u00e1vn\u00edkem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/right-of-first-refusal\/#Predstaveni_opatreni_nasi_kancelare\" title=\"P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_to_smlouva_mezi_akcionari\"><\/span>Co je to smlouva mezi akcion\u00e1\u0159i<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_1149732056.jpg\" alt=\"Co je to smlouva mezi akcion\u00e1\u0159i\" class=\"wp-image-58934\" \/><\/figure>\n\n\n\n<p>&#8220;Smlouva mezi akcion\u00e1\u0159i&#8221; je smlouva uzav\u0159en\u00e1 mezi akcion\u00e1\u0159i akciov\u00e9 spole\u010dnosti, kter\u00e1 stanovuje pravidla pro provoz spole\u010dnosti a p\u0159evod akci\u00ed. V p\u0159\u00edpad\u011b startup\u016f je provoz spole\u010dnosti \u010dasto zalo\u017een na d\u016fv\u011b\u0159e mezi akcion\u00e1\u0159i a jak\u00e1koli naru\u0161en\u00ed t\u00e9to d\u016fv\u011bry nebo zm\u011bna akcion\u00e1\u0159\u016f m\u016f\u017ee m\u00edt velk\u00fd dopad na \u0159\u00edzen\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>Proto je v startupov\u00fdch spole\u010dnostech b\u011b\u017en\u00e9, \u017ee smlouva mezi akcion\u00e1\u0159i obsahuje klauzule omezuj\u00edc\u00ed p\u0159evod akci\u00ed akcion\u00e1\u0159\u016f-\u0159editel\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Proc_je_treba_omezit_prevod_akcii_akcionaru-reditelu\"><\/span>Pro\u010d je t\u0159eba omezit p\u0159evod akci\u00ed akcion\u00e1\u0159\u016f-\u0159editel\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Startupy v dob\u011b sv\u00e9ho zalo\u017een\u00ed \u010dasto nemaj\u00ed majetek, kter\u00fd by mohl slou\u017eit jako z\u00e1stava, ani \u017e\u00e1dn\u00e9 tr\u017eby, a proto nemaj\u00ed kreditn\u00ed hodnotu. Proto je financov\u00e1n\u00ed z bankovn\u00edch p\u016fj\u010dek omezen\u00e9. Aby mohla spole\u010dnost rychle expandovat od sv\u00e9ho zalo\u017een\u00ed, je nezbytn\u00e9 z\u00edskat \u0161irokou \u0161k\u00e1lu financ\u00ed od VC (venture capital) nebo and\u011blsk\u00fdch investor\u016f.<\/p>\n\n\n\n<p>Na druh\u00e9 stran\u011b, investo\u0159i, kte\u0159\u00ed se st\u00e1vaj\u00ed akcion\u00e1\u0159i, \u010dasto investuj\u00ed s ohledem na lidsk\u00e9 zdroje a obchodn\u00ed n\u00e1pady zakladatel\u016f a po\u017eaduj\u00ed, aby zakladatel\u00e9-akcion\u00e1\u0159i m\u011bli st\u00e1le rozhodovac\u00ed pravomoc v \u0159\u00edzen\u00ed spole\u010dnosti. Pokud se rozhodovac\u00ed pravomoc akcion\u00e1\u0159\u016f-\u0159editel\u016f oslab\u00ed p\u0159evodem akci\u00ed nebo pokud se \u0159\u00edzen\u00ed spole\u010dnosti p\u0159esune na t\u0159et\u00ed stranu, m\u016f\u017ee se zm\u011bnit obchodn\u00ed strategie a provoz spole\u010dnosti se m\u016f\u017ee st\u00e1t nestabiln\u00edm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_omezeni_prevodu_akcii_smlouvou_mezi_akcionari\"><\/span>V\u00fdhody omezen\u00ed p\u0159evodu akci\u00ed smlouvou mezi akcion\u00e1\u0159i<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Smlouva mezi akcion\u00e1\u0159i umo\u017e\u0148uje ur\u010ditou flexibilitu p\u0159i stanovov\u00e1n\u00ed pravidel, kter\u00e1 odpov\u00eddaj\u00ed dan\u00e9 spole\u010dnosti, a m\u016f\u017ee b\u00fdt uzav\u0159ena pouze na z\u00e1klad\u011b dohody mezi stranami bez nutnosti schv\u00e1len\u00ed na valn\u00e9 hromad\u011b akcion\u00e1\u0159\u016f.<\/p>\n\n\n\n<p>N\u011bkdy m\u016f\u017ee b\u00fdt stanoveno, \u017ee p\u0159evod akci\u00ed akcion\u00e1\u0159\u016f-\u0159editel\u016f vy\u017eaduje souhlas v\u0161ech nebo v\u011bt\u0161iny akcion\u00e1\u0159\u016f-investor\u016f. V praxi v\u0161ak m\u016f\u017ee doj\u00edt k p\u0159evodu akci\u00ed z neodvratn\u00fdch d\u016fvod\u016f, jako je d\u011bdictv\u00ed, a proto se \u010dasto omezuj\u00ed na nep\u0159\u00edm\u00e1 omezen\u00ed, jako je &#8220;pr\u00e1vo prvn\u00edho odkupu&#8221; nebo &#8220;pr\u00e1vo na spole\u010dn\u00fd prodej&#8221;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klausa_o_predkupnim_pravu_v_akcionarske_smlouve\"><\/span>Klausa o p\u0159edkupn\u00edm pr\u00e1vu v akcion\u00e1\u0159sk\u00e9 smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>P\u0159edkupn\u00ed pr\u00e1vo je pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje ostatn\u00edm akcion\u00e1\u0159\u016fm m\u00edt p\u0159ednost p\u0159i n\u00e1kupu akci\u00ed, kter\u00e9 jeden akcion\u00e1\u0159 hodl\u00e1 p\u0159ev\u00e9st na t\u0159et\u00ed stranu, a to t\u00edm, \u017ee je o obsahu p\u0159evodu p\u0159edem informov\u00e1n.<\/p>\n\n\n\n<p>V startupov\u00fdch spole\u010dnostech se \u010dasto st\u00e1v\u00e1, \u017ee investo\u0159i-akcion\u00e1\u0159i ukl\u00e1daj\u00ed omezen\u00ed na p\u0159evod akci\u00ed v\u016f\u010di akcion\u00e1\u0159\u016fm-\u0159editel\u016fm prost\u0159ednictv\u00edm klauzule o p\u0159edkupn\u00edm pr\u00e1vu.<\/p>\n\n\n\n<p>Existuj\u00ed v\u0161ak tak\u00e9 p\u0159\u00edpady, kdy akcion\u00e1\u0159i-\u0159editel\u00e9 ukl\u00e1daj\u00ed omezen\u00ed na p\u0159evod akci\u00ed v\u016f\u010di akcion\u00e1\u0159\u016fm-investor\u016fm. D\u016fvodem je, \u017ee jako \u0159editel\u00e9 by rad\u011bji odkoupili akcie sami, ne\u017e aby je p\u0159e\u0161ly na nezn\u00e1mou t\u0159et\u00ed stranu.<\/p>\n\n\n\n<p>Konkr\u00e9tn\u011b se v akcion\u00e1\u0159sk\u00e9 smlouv\u011b obvykle stanov\u00ed n\u00e1sleduj\u00edc\u00ed ustanoven\u00ed:<\/p>\n\n\n\n<ol>\n<li>P\u0159ed p\u0159evodem akci\u00ed na t\u0159et\u00ed stranu mus\u00ed akcion\u00e1\u0159-\u0159editel informovat akcion\u00e1\u0159e-investory o n\u00e1zvu p\u0159\u00edjemce, po\u010dtu akci\u00ed k p\u0159evodu, p\u0159evodn\u00ed cen\u011b atd.<\/li>\n\n\n\n<li>Akcion\u00e1\u0159-investor, kter\u00fd obdr\u017eel ozn\u00e1men\u00ed, m\u00e1 pr\u00e1vo nab\u00eddnout odkup t\u011bchto akci\u00ed za stejn\u00fdch podm\u00ednek b\u011bhem ur\u010dit\u00e9 doby.<\/li>\n\n\n\n<li>Akcion\u00e1\u0159-\u0159editel p\u0159evede akcie na akcion\u00e1\u0159e-investora, kter\u00fd projevil z\u00e1jem o odkup.<\/li>\n\n\n\n<li>Akcion\u00e1\u0159-\u0159editel m\u016f\u017ee p\u0159ev\u00e9st akcie na t\u0159et\u00ed stranu pouze v p\u0159\u00edpad\u011b, \u017ee akcion\u00e1\u0159-investor neprojevil z\u00e1jem o odkup.<\/li>\n\n\n\n<li>Pokud akcion\u00e1\u0159-investor neprojevil z\u00e1jem o odkup a akcie se p\u0159ev\u00e1d\u011bj\u00ed na t\u0159et\u00ed stranu, mus\u00ed b\u00fdt p\u0159evodn\u00ed cena alespo\u0148 tak vysok\u00e1, jak byla stanovena v bod\u011b 1.<\/li>\n<\/ol>\n\n\n\n<p>Pokud je v\u00edce akcion\u00e1\u0159\u016f-investor\u016f, kte\u0159\u00ed maj\u00ed z\u00e1jem o p\u0159evod, obvykle se akcie rozd\u011bl\u00ed podle pom\u011bru jejich akci\u00ed.<\/p>\n\n\n\n<p>V akcion\u00e1\u0159sk\u00e9 smlouv\u011b je tak\u00e9 mo\u017en\u00e9 stanovit, \u017ee nejen akcion\u00e1\u0159i-investo\u0159i, ale tak\u00e9 akcion\u00e1\u0159i-\u0159editel\u00e9 a ostatn\u00ed akcion\u00e1\u0159i-investo\u0159i mohou uplatnit p\u0159edkupn\u00ed pr\u00e1vo, pokud akcion\u00e1\u0159-investor chce p\u0159ev\u00e9st akcie.<\/p>\n\n\n\n<p>Klauzule o p\u0159edkupn\u00edm pr\u00e1vu m\u00e1 n\u00e1sleduj\u00edc\u00ed \u00fa\u010dely:<\/p>\n\n\n\n<ul>\n<li>Omezit p\u0159evod akci\u00ed a zabr\u00e1nit \u00faniku akci\u00ed k t\u0159et\u00edm stran\u00e1m nebo nep\u0159\u00e1telsk\u00fdm sil\u00e1m<\/li>\n\n\n\n<li>Zv\u00fd\u0161it pod\u00edl akcion\u00e1\u0159e na akci\u00edch t\u00edm, \u017ee je odkoup\u00ed<\/li>\n<\/ul>\n\n\n\n<p>T\u00edm, \u017ee se akcion\u00e1\u0159\u016fm-investor\u016fm uzn\u00e1 p\u0159edkupn\u00ed pr\u00e1vo, kdy\u017e akcion\u00e1\u0159-\u0159editel chce p\u0159ev\u00e9st akcie, se zabr\u00e1n\u00ed tomu, aby akcie p\u0159e\u0161ly na ne\u017e\u00e1douc\u00ed t\u0159et\u00ed stranu, a akcion\u00e1\u0159-investor m\u016f\u017ee zv\u00fd\u0161it sv\u016fj pod\u00edl na akci\u00edch t\u00edm, \u017ee je odkoup\u00ed.<\/p>\n\n\n\n<p>Na druh\u00e9 stran\u011b, kdy\u017e akcion\u00e1\u0159-investor chce dos\u00e1hnout exitu prost\u0159ednictv\u00edm p\u0159evodu akci\u00ed, neexistuje \u017e\u00e1dn\u00e9 riziko bez ohledu na to, kdo je kupuj\u00edc\u00edm, a proto m\u016f\u017ee b\u00fdt akcion\u00e1\u0159i-\u0159editeli ud\u011bleno p\u0159edkupn\u00ed pr\u00e1vo.<\/p>\n\n\n\n<p>Pro akcion\u00e1\u0159e-\u0159editele je v\u00fdhodou m\u00edt p\u0159edkupn\u00ed pr\u00e1vo, proto\u017ee to zabr\u00e1n\u00ed \u00faniku akci\u00ed k jin\u00fdm stran\u00e1m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_spolecnem_prodeji_v_akcionarske_smlouve\"><\/span>Ustanoven\u00ed o spole\u010dn\u00e9m prodeji v akcion\u00e1\u0159sk\u00e9 smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_2182466.jpg\" alt=\"Ustanoven\u00ed o spole\u010dn\u00e9m prodeji v akcion\u00e1\u0159sk\u00e9 smlouv\u011b\" class=\"wp-image-58935\" \/><\/figure>\n\n\n\n<p>V akcion\u00e1\u0159sk\u00e9 smlouv\u011b m\u016f\u017eete tak\u00e9 stanovit &#8220;spole\u010dn\u00e9 pr\u00e1vo prodeje&#8221; pro omezen\u00ed p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<p>Spole\u010dn\u00e9 pr\u00e1vo prodeje je pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje po\u017eadovat, aby se va\u0161e akcie prod\u00e1valy spole\u010dn\u011b, kdy\u017e jeden akcion\u00e1\u0159 p\u0159ev\u00e1d\u00ed sv\u00e9 akcie na t\u0159et\u00ed stranu.<\/p>\n\n\n\n<p>Pr\u00e1vo p\u0159edkupu je obecn\u011b uzn\u00e1v\u00e1no jak pro investory-akcion\u00e1\u0159e, tak pro akcion\u00e1\u0159e-\u0159editele, ale spole\u010dn\u00e9 pr\u00e1vo prodeje obvykle nen\u00ed uzn\u00e1v\u00e1no pro akcion\u00e1\u0159e-\u0159editele.<\/p>\n\n\n\n<p>Investo\u0159i-akcion\u00e1\u0159i investuj\u00ed do spole\u010dnosti s c\u00edlem dos\u00e1hnout zisku prost\u0159ednictv\u00edm p\u0159evodu akci\u00ed po ur\u010dit\u00e9 dob\u011b \u010dek\u00e1n\u00ed na r\u016fst spole\u010dnosti. Proto je t\u0159eba zabezpe\u010dit p\u0159\u00edle\u017eitost pro p\u0159evod akci\u00ed pro investory-akcion\u00e1\u0159e t\u00edm, \u017ee stanov\u00edte spole\u010dn\u00e9 pr\u00e1vo prodeje.<\/p>\n\n\n\n<p>Na druh\u00e9 stran\u011b, c\u00edlem akcion\u00e1\u0159\u016f-\u0159editel\u016f nen\u00ed dosa\u017een\u00ed zisku, ale r\u016fst spole\u010dnosti. Proto nen\u00ed t\u0159eba uzn\u00e1vat spole\u010dn\u00e9 pr\u00e1vo prodeje pro akcion\u00e1\u0159e-\u0159editele.<\/p>\n\n\n\n<p>Pro zaji\u0161t\u011bn\u00ed p\u0159\u00edle\u017eitosti pro Exit pro minoritn\u00ed akcion\u00e1\u0159e jsou obecn\u011b v akcion\u00e1\u0159sk\u00e9 smlouv\u011b stanovena n\u00e1sleduj\u00edc\u00ed ustanoven\u00ed:<\/p>\n\n\n\n<ul>\n<li>Kdy\u017e majoritn\u00ed akcion\u00e1\u0159 p\u0159ev\u00e1d\u00ed v\u0161echny nebo \u010d\u00e1st sv\u00fdch akci\u00ed na t\u0159et\u00ed stranu, mus\u00ed ozn\u00e1mit minoritn\u00edm akcion\u00e1\u0159\u016fm jm\u00e9no p\u0159\u00edjemce p\u0159evodu, po\u010det p\u0159ev\u00e1d\u011bn\u00fdch akci\u00ed, jednotkovou cenu za akcii atd. (ozn\u00e1men\u00ed o podm\u00ednk\u00e1ch p\u0159evodu)<\/li>\n\n\n\n<li>Minoritn\u00ed akcion\u00e1\u0159i mohou po\u017eadovat, aby majoritn\u00ed akcion\u00e1\u0159 prodal tak\u00e9 jejich akcie za podm\u00ednek uveden\u00fdch v ozn\u00e1men\u00ed o podm\u00ednk\u00e1ch p\u0159evodu<\/li>\n\n\n\n<li>Kdy\u017e minoritn\u00ed akcion\u00e1\u0159i uplatn\u00ed sv\u00e9 spole\u010dn\u00e9 pr\u00e1vo prodeje, majoritn\u00ed akcion\u00e1\u0159 nem\u016f\u017ee prodat pouze sv\u00e9 akcie<\/li>\n<\/ul>\n\n\n\n<p>Je tak\u00e9 t\u0159eba konkr\u00e9tn\u011b uv\u00e9st rozsah akci\u00ed, kdo m\u016f\u017ee uplatnit pr\u00e1vo a proti komu.<\/p>\n\n\n\n<ul>\n<li>Rozsah akci\u00ed, na kter\u00e9 lze uplatnit spole\u010dn\u00e9 pr\u00e1vo prodeje<\/li>\n\n\n\n<li>Kdo m\u016f\u017ee uplatnit spole\u010dn\u00e9 pr\u00e1vo prodeje<\/li>\n\n\n\n<li>Proti komu m\u016f\u017ee b\u00fdt uplatn\u011bno spole\u010dn\u00e9 pr\u00e1vo prodeje<\/li>\n<\/ul>\n\n\n\n<p>Majoritn\u00ed akcion\u00e1\u0159i obvykle prod\u00e1vaj\u00ed sv\u00e9 akcie prost\u0159ednictv\u00edm vlastn\u00edch kan\u00e1l\u016f, kdy\u017e spole\u010dnost dos\u00e1hne ur\u010dit\u00e9ho r\u016fstu, a Exituj\u00ed t\u00edm, \u017ee realizuj\u00ed zisk. Av\u0161ak minoritn\u00ed akcion\u00e1\u0159i, kte\u0159\u00ed nemaj\u00ed prodejn\u00ed kan\u00e1ly, mohou b\u00fdt ponech\u00e1ni s akciemi s n\u00edzkou likviditou v neprodejn\u00fdch spole\u010dnostech. Kdy\u017e majoritn\u00ed akcion\u00e1\u0159 Exituje a mate\u0159sk\u00e1 spole\u010dnost nebo obchodn\u00ed politika se m\u011bn\u00ed, minoritn\u00ed akcion\u00e1\u0159i by tak\u00e9 cht\u011bli z\u00edskat sv\u016fj investovan\u00fd kapit\u00e1l zp\u011bt prost\u0159ednictv\u00edm prodeje akci\u00ed.<\/p>\n\n\n\n<p>Zaji\u0161t\u011bn\u00ed p\u0159\u00edle\u017eitosti pro Exit pro minoritn\u00ed akcion\u00e1\u0159e t\u00edm, \u017ee stanov\u00edte ustanoven\u00ed o spole\u010dn\u00e9m pr\u00e1vu prodeje, vede tak\u00e9 k v\u00fdhod\u011b, \u017ee r\u016fzn\u00ed investo\u0159i budou sn\u00e1ze investovat do startup\u016f.<\/p>\n\n\n\n<p>Av\u0161ak, pokud stanov\u00edte ustanoven\u00ed o spole\u010dn\u00e9m pr\u00e1vu prodeje v akcion\u00e1\u0159sk\u00e9 smlouv\u011b, m\u016f\u017ee se st\u00e1t, \u017ee obchodn\u00ed politika se snadno m\u011bn\u00ed kv\u016fli fluidit\u011b akcion\u00e1\u0159sk\u00e9 struktury a provoz spole\u010dnosti se stane nestabiln\u00edm. Tak\u00e9 pro majoritn\u00ed akcion\u00e1\u0159e existuje riziko, \u017ee po\u010det akci\u00ed, kter\u00e9 mohou prodat, se sn\u00ed\u017e\u00ed, a mohou se rozhodnout zdr\u017eet se investic.<\/p>\n\n\n\n<p>Je t\u0159eba pe\u010dliv\u011b zv\u00e1\u017eit, zda stanovit ustanoven\u00ed o spole\u010dn\u00e9m pr\u00e1vu prodeje, porovn\u00e1n\u00edm v\u00fdhod a nev\u00fdhod.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti_Konzultujte_smlouvy_mezi_akcionari_s_pravnikem\"><\/span>Shrnut\u00ed: Konzultujte smlouvy mezi akcion\u00e1\u0159i s pr\u00e1vn\u00edkem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V smlouv\u00e1ch mezi akcion\u00e1\u0159i m\u00e1 stanoven\u00ed dolo\u017eek o &#8220;p\u0159edkupn\u00edm pr\u00e1vu&#8221; a &#8220;pr\u00e1vu na spole\u010dn\u00fd prodej&#8221; n\u00e1sleduj\u00edc\u00ed \u00fa\u010dely:<\/p>\n\n\n\n<ul>\n<li>Roz\u0161\u00ed\u0159en\u00ed mo\u017enost\u00ed z\u00edsk\u00e1n\u00ed kapit\u00e1lu pro startupy<\/li>\n\n\n\n<li>Zabr\u00e1n\u011bn\u00ed \u00faniku akci\u00ed t\u0159et\u00edm stran\u00e1m nebo nep\u0159\u00e1telsk\u00fdm sil\u00e1m<\/li>\n\n\n\n<li>Zabr\u00e1n\u011bn\u00ed tomu, aby se akcion\u00e1\u0159i-\u0159editel\u00e9 odch\u00fdlili od \u0159\u00edzen\u00ed spole\u010dnosti<\/li>\n\n\n\n<li>Zv\u00fd\u0161en\u00ed pod\u00edlu vlastn\u00edch akci\u00ed akcion\u00e1\u0159\u016f-investor\u016f<\/li>\n<\/ul>\n\n\n\n<p>Jak\u00e9 omezen\u00ed p\u0159evodu akci\u00ed stanovit v smlouv\u011b mezi akcion\u00e1\u0159i, je jedn\u00edm z kl\u00ed\u010dov\u00fdch bod\u016f, kter\u00e9 venture kapitalisty nebo and\u011blsk\u00e9 investory rozhoduj\u00ed o investici do startupu.<\/p>\n\n\n\n<p>V n\u011bkter\u00fdch p\u0159\u00edpadech mohou investo\u0159i ob\u00e1vat omezen\u00ed p\u0159\u00edle\u017eitost\u00ed pro p\u0159evod akci\u00ed a v\u00e1hat s investic\u00ed.<\/p>\n\n\n\n<p>Pro omezen\u00ed p\u0159evodu akci\u00ed stanoven\u00edm dolo\u017eek o &#8220;p\u0159edkupn\u00edm pr\u00e1vu&#8221; a &#8220;pr\u00e1vu na spole\u010dn\u00fd prodej&#8221; v smlouv\u011b mezi akcion\u00e1\u0159i je t\u0159eba odborn\u00fdch znalost\u00ed. Doporu\u010dujeme konzultovat s odborn\u00edkem, pr\u00e1vn\u00edkem, p\u0159i vytv\u00e1\u0159en\u00ed smlouvy mezi akcion\u00e1\u0159i.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Predstaveni_opatreni_nasi_kancelare\"><\/span>P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vnick\u00e1 kancel\u00e1\u0159 Monolith je pr\u00e1vnick\u00e1 kancel\u00e1\u0159 s vysokou odbornost\u00ed v oblasti IT, zejm\u00e9na internetu a pr\u00e1va. Na\u0161e kancel\u00e1\u0159 se zab\u00fdv\u00e1 mnoha oblastmi, v\u010detn\u011b f\u00faz\u00ed a akvizic v\u010detn\u011b p\u0159evodu podnik\u00e1n\u00ed, zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm t\u0159et\u00edch stran, vyd\u00e1n\u00ed opc\u00ed na akcie, odkupu managementu (MBO), zalo\u017een\u00ed JV a dal\u0161\u00edch pr\u00e1vn\u00edch z\u00e1le\u017eitost\u00ed t\u00fdkaj\u00edc\u00edch se akci\u00ed, a tak\u00e9 \u0159e\u0161en\u00ed spor\u016f souvisej\u00edc\u00edch s t\u011bmito oblastmi. Pro v\u00edce informac\u00ed se pros\u00edm pod\u00edvejte n\u00ed\u017ee.<\/p>\n\n\n\n<p>Obory, kter\u00fdmi se zab\u00fdv\u00e1 pr\u00e1vnick\u00e1 kancel\u00e1\u0159 Monolith: <a href=\"https:\/\/monolith.law\/stockrelatedlaw\" target=\"_blank\" rel=\"noreferrer noopener\">Akciov\u00e9 a M&amp;A pr\u00e1vn\u00ed z\u00e1le\u017eitosti[ja]<\/a><\/p>\n\n\n\n<p><a id=\"_msocom_4\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Smlouvy mezi akcion\u00e1\u0159i spole\u010dnosti, kter\u00e9 jsou uzav\u00edr\u00e1ny mezi akcion\u00e1\u0159i, mohou b\u00fdt uzav\u0159eny tak\u00e9 p\u0159i f\u00faz\u00edch a akvizic\u00edch (M&amp;A), ale nej\u010dast\u011bji jsou uzav\u00edr\u00e1ny p\u0159i zalo\u017een\u00ed spole\u010dnosti. Zejm\u00e9na p\u0159i  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61001"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61001"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61001\/revisions"}],"predecessor-version":[{"id":64201,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61001\/revisions\/64201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/64200"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}