Articles of Association: start-up business multiple investors
Articles of Association for a start-up company to be adopted at closing of an investment by multiple investors. Intended to accompany the Shareholders Agreement, these Articles containing relatively strong protections for the investors.
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When do I use this document?
- for an investment transaction by multiple investors in a start up business
- as the new Articles of Association of the company to be adopted at closing
- in conjunction with either the combined Investment & Shareholders Agreement or Shareholders Agreement see
What are the key features?
- form of new Articles of Association for the company
- amendments and additions to the Companies Act 2006 Model Articles
- investor rights exercisable by investors holding a majority of the investors’ shares
- investor consent right and pre-emption rights on the allotment of new shares
- regulations governing the transfer of shares, including:
- permitted transfers to defined classes of permitted transferees
- pre-emption rights on the transfer of shares to third parties
- compulsory transfer provisions for founders and employee shareholders
- tag-along and drag-along rights, including investor protection against being required to sell their shares
- regulation of shareholder meetings, including investor presence required for quorum
- investors’ right to appoint a director and investor director to be present for a quorate board meeting
What other documents are available?
For Articles of Association for an investment in an established business by multiple investors, see
For Articles of Association for investment by a single investor, see
When do I use this document?
- for an investment transaction
- where the subject company will agree a period of exclusivity with the investor
- for a longer form agreement with strong legal protections for the investor
What are the key features?
- 13 clauses over 6 pages
- definitions of Exclusivity Period, Proposed Transaction, Restricted Activity and Restricted Discussions
- exclusivity undertakings from the company in favour of the proposed investor
- rights and remedies for the proposed investor, including indemnity for breach and indemnity for costs
What other documents are available?
For a shorter form of exclusivity agreement for an investment transaction, see
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Updated by a lawyer on 02/07/2025
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