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GWarren For Business & Nonprofits
GWarren For Business & Nonprofits, Attorney
Category: Business Law
Satisfied Customers: 355
Experience:  30 yrs Counsel, AVP Corp Governance Fortune 100 finance/ins, Nonprofit Bds, law firm. OH NJ license
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Business question I need to get the words needed to send

Resolved Question:

Business question

I need to get the words needed to send to my ex so that she will be removed completely from my corporation. this was awarded to me as part of my divorce and so this is the last step in closing this out.

Same thing for our Pension Plan. She is going to take her money and roll it into an IRA and so I need her to resign as a trustee of this plan.

both of these things have been agreed to in principle. I just need to take care of the details.
Submitted: 4 years ago.
Category: Business Law
Expert:  MShore Law replied 4 years ago.
Thank you for the post, from your description you are seeking a termination letter, or is it the case that you need to file amended articles of incorporation with the state?
Customer: replied 4 years ago.
Thanks...

I hadn't thought this thru...but, I'm guessing I need both. Thanks for this question.
Expert:  MShore Law replied 4 years ago.
To be clear, exactly what have you done thus far to oust your ex-wife from your company?
Customer: replied 4 years ago.
Nothing.

We are finalizing actual exchanges of monies and this is one of the things that I "won" in the divorce and so her atty has told me to send the wording and he will have his client sign.

Customer: replied 4 years ago.
Did i answer your question? It looks like a second request...or, was I not clear?
Expert:  MShore Law replied 4 years ago.
Yes, thank you. Your question is much more involved than it appeared at first glance. In the interest of time I will opt out, and allow another expert to assist you further.
Customer: replied 4 years ago.
Relist: I still need help.
I have to have the right words to hand to my wife for two things that have been awarded to me in our divorce.
1) corporation. Need her to resign from board or any relationship with corp.
2) she is withdrawing from our Pension Plan as soon as she gets her half of the money. Right now she is both a trustee and participant. So need words that cover both situations...
Customer: replied 4 years ago.
I keep re=posting but never get an answer or a question in reply.

I don't know how you keep your rep with this sort of customer service
Expert:  GWarren For Business & Nonprofits replied 4 years ago.
Thank you for re-posting your question.



I may be able to assist you with language information for resignation letters from the spouse as to her roles and participation in both the corporation and pension plan. I may also be able to assist you with information regarding formal filing of the corporate changes with the state.


In order to respond to your questions would you please provide me with


(1) the state in which the corporation is located, and


(2) the type of corporation, whether an LLC or C or S Corporation?



Edited by GWarren For Business & Nonprofits on 2/10/2010 at 8:28 PM EST
Customer: replied 4 years ago.
California
C corp
Expert:  GWarren For Business & Nonprofits replied 4 years ago.
Thank you for your prompt Reply.



The following information may help you address both the resignation language you seek as well as filing the changes with California.




As to the resignation language you seek, my experience with a Fortune 100 company in corporate governance has been that simply stated and specific resignation language is appropriate and best. Typically there is no need to state the specific reasons or purpose for the resignation.



Although there are many resignation letter templates available online through a web search, many are longer than they need to be. Typically that resignation letter, to the C Corporation directed at its address and to the Board Chair, CEO, President or other managing Officer would indicate language similar to the following:



As to the C Corporation:



"I, (name of former spouse), resign effective (date) from any board or officer positions I hold with the (C Corporation name), any affiliate, subsidiary or parent company." (there may be no need to name specific positions out of concern for missing any specific relationships)

As to the Pension Plan:



"I, (name of former spouse), resign effective (date) as a trustee of the (C Corporation name's) Pension Plan, further designated as (name) Pension Plan. Effective as of (date) I am terminating all of my activities and investments related to the Pension Plan and that any related transfer of any of my personal funds will be accomplished with all due haste and as soon as is reasonable and practicable."



Although you indicate that your former spouse's attorney will submit the resignation letters for her signature and will review them on her behalf, in the event you would also like local California counsel to review the specific language in terms of the divorce agreement/decree and California law, the local bar association lawyer referral service can help you identify local lawyers you can interview as to their experience and fees in similar situations.



Following is a link to a California Secretary of State form to amend provisions in the Articles of Incorporation of the C Corporation:



http://www.sos.ca.gov/business/corp/pdf/amendments/corp-amdtstk.pdf



I am also providing you with a link to all of the forms available through the California Secretary of State in the event you need others:



http://www.sos.ca.gov/business/be/forms.htm



I hope this information is helpful and responsive to your questions. If you would like further clarification please let me know. Best wishes.

GWarren For Business & Nonprofits, Attorney
Category: Business Law
Satisfied Customers: 355
Experience: 30 yrs Counsel, AVP Corp Governance Fortune 100 finance/ins, Nonprofit Bds, law firm. OH NJ license
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GWarren For Business &amp; Nonprofits
GWarren For Business & Nonprofits
Business Lawyer
355 Satisfied Customers
30 yrs Counsel, AVP Corp Governance Fortune 100 finance/ins, Nonprofit Bds, law firm. OH NJ license