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William B. Esq.
William B. Esq., Attorney
Category: Business Law
Satisfied Customers: 3000
Experience:  I am a civil litigation attorney with experience representing and advising HOAs, businesses, and individuals.
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when an officer in the corp. resign his position does he have

Customer Question

when an officer in the corp. resign his position does he have any recall at a latter date
Submitted: 1 year ago.
Category: Business Law
Expert:  William B. Esq. replied 1 year ago.

Attorney William B. :

Dear Customer, thank you for choosing Just Answer. I would like to assist you today, but I need to better understand your position. If the officer has already resigned the position, are you asking if there is any basis or need to recall that officer?

Customer:

He has resigned and now he want money for shares he had to abandon

Attorney William B. :

There would have to be a reason for why he had to both abandon his shares and leave his position on the board. The two are generally separate. If the shares are linked to compensation for his position on the board and he has lost that position, the benefits (shares in as compensation) would also be forfeited. There may be an issue specific to your corporation based on your governing documents, but there generally would be a separation between the two.

Customer:

We went into partners, a niteclub, and he was involved with an alcohol incedent, we were told; to keep the license he would have to resign his position.

Attorney William B. :

Did that mean he also had to lose his ownership interest? (The distinction between having the duties and responsibilities as an officer in a corporation, and an ownership interest, having shares in the company and rights to earnings/dividends from the venture). Also there is a difference between a partnership and a corporation.

Attorney William B. :

Dear Customer, I do apologize, but I have an appointment I must keep. I will "opt out" and allow another expert to take over. I believe that additional information will be of assistance in answering your question as I am unsure of the exact type of business entity you have formed with this other person, and what type of split you have created in order to get this business license. If you can post this additional information for the next expert, I believe it will assist you in getting an answer more quickly.


Again, I do apologize for the inconvenience, and my break in our conversation was unexpected. I wish you the best of luck.

Customer:

We are in an S-corp, Three of us went in to the nite-club business, Pres. Vpres. and sec. A partner was charged with an alcohol related incident. Liquior board required him to resign for the two of us to remain in business. One year later he is want cash for shares issued (100 w/ 33 going to to each). Once you resign don't you forfeit these.

Expert:  William B. Esq. replied 1 year ago.
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Expert:  William B. Esq. replied 1 year ago.
Dea customer, resigning from the board does not mean you give up your shares in a corporation. My apologies for the brevity i am on my handheld device.right
William B. Esq., Attorney
Category: Business Law
Satisfied Customers: 3000
Experience: I am a civil litigation attorney with experience representing and advising HOAs, businesses, and individuals.
William B. Esq. and 6 other Business Law Specialists are ready to help you
Expert:  William B. Esq. replied 1 year ago.

Dear Customer,

Thank you for the kind rating, it is greatly appreciated. I wish you the best of luck with this matter. If you have further questions regarding this type of issue, or any other legal matter, please do not hesitate to use our service in the future. You may post a question for any of our experts in general, or to me directly by titling your question “To CalAttorney 2…”

Best wishes, and thank you,

Bill

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