Kekuatan Perjanjian Pemegang Saham Sebelum Pendirian Perseroan Terbatas Dalam Melindungi Hak Pemegang Saham Minoritas : (Studi Kasus Putusan Mahkamah Agung No.2035 K/PDT/2018)

Julian Radjali (Universitas Esa Unggul)
Markoni (Universitas Esa Unggul)
Zulfikar Judge (Universitas Esa Unggul)
Joko Widarto (Universitas Esa Unggul)
Tuti Elawati (Universitas Sains Indonesia)

SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum
Vol. 5 No. 5 (2026): SEIKAT: Jurnal Ilmu Sosial, Politik dan Hukum

This article analyzes the legal force of a pre-incorporation shareholders’ agreement as a preventive legal protection instrument for minority shareholders in Indonesian limited liability companies. The issue is important because Law Number 40 of 2007 on Limited Liability Companies provides minority shareholder protection, yet most remedies operate after loss or dispute has occurred. This study uses normative legal research with statutory, conceptual, and case approaches, particularly Supreme Court Decision Number 2035 K/Pdt/2018. The findings show that a pre-incorporation shareholders’ agreement is valid and binding upon the parties if it satisfies Article 1320 of the Indonesian Civil Code. Shares to be issued by a company not yet incorporated may become a valid contractual object as future goods under Article 1334 of the Civil Code. However, the agreement does not automatically bind the company after incorporation unless it is ratified, incorporated into the articles of association, or restated after the company obtains legal entity status. Its preventive force depends on clear clauses, including tag-along rights, veto rights, board nomination rights, rights of first refusal, anti-dilution protection, and efficient dispute resolution mechanisms.