How to Transfer LLC Shares in Morocco?

Selling your shares to a third party is not unrestricted: you need the agreement of the other partners. Transfer to third parties requires the consent of the majority of partners representing at least three quarters of the shares (art. 58).

The procedure is strictly framed:

1. Notify the proposed transfer to the company and to each of the partners, by the means provided in the Code of Civil Procedure or by registered letter with acknowledgment of receipt (art. 58).
2. If the company does not respond within thirty days following the last notification, consent is deemed to be obtained (art. 58).
3. In the event of a refusal, the partners have thirty days to acquire or arrange the acquisition of your shares at a price set by an expert (art. 58, referring to art. 14). The company may also, with your agreement, reduce its capital and buy back your shares (art. 58).
4. If none of these solutions is achieved within the deadlines, you may carry out the transfer originally planned (art. 58).

Note: between partners, the shares are freely transferable (art. 60), and between spouses, relatives, and in-laws up to the second degree, they are freely transferable unless the articles of association contain an approval clause (art. 56). Every transfer must be recorded in writing on pain of nullity (art. 61, referring to art. 16).