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Category: Business Law
Satisfied Customers: 53576
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buying out my partner from a s-corp its 50/50 owner ship started

Customer Question

buying out my partner from a s-corp its 50/50 owner ship started in May 2009 he has agreed to the buyout just for the original attorny fee he has never left the company he works for wich is a compeitor this is the reason for the buy out. What do I need to do to protect myself
Submitted: 6 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 6 years ago.
What do you want to accomplish?
Customer: replied 6 years ago.
Continue the company with no partner.
Expert:  INFOLAWYER replied 6 years ago.
You should have a lawyer draw up the transfer the interest and I like to have an affidavit from the former partner attesting to his new role and his acknowledged that he holds no interest in the entity.
Customer: replied 6 years ago.

This is a very small new company and trying to keep cost down both parties involved agree this is not working and he would just like to get his $750 that he put in for his half of the attorny fee. Can the corp buy the stock back for $750 and he resign if so could I just write it up and have him sign. If I have an attorny do it Ithink it might be cheaper for me to walk A way and start over.

Expert:  INFOLAWYER replied 6 years ago.
You could do that without a lawyer but it would be more formal if done by a lawyer.
Customer: replied 6 years ago.
to do it myself is there any template i could use or any thing that should bestated in the letter and does he have to sign the back of the stock certificate

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