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Can an S-Corp buyback its shares from its shareholders at

Can an S-Corp buyback its shares from its shareholders at two different rates? One shareholder has negotiated a higher rate than two other shareholders. Would moving forward with the sale cause the S-Corp to lose its SCorp status?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,502 satisfied customers
A privately held corporation is trying to avoid an

Hi there! A privately held corporation is trying to avoid an involuntary dissolution by coming to a buy-out agreement between the minority shareholder and the majority shareholder. How can such an agreement be structured to include all of the corporate assets, and protect the seller in case the buyer dies or otherwise becomes unable to fulfill his (buyer) obligations?JA: Because laws vary from state to state, could you tell me what state is this in?Customer: IllinoisJA: Have you talked to a lawyer yet?Customer: I am a lawyer (smile) - but I rarely involve myself in the civil side. I am attempting to advise an acquaintance (seller/majority stockholder)JA: Anything else you think the lawyer should know?Customer: The Corporation is involved in equine transport and horse racing. The bulk of the corporate assets are the horses themselves. Clearly an independent appraiser must be appointed to evaluate each animal, determining then, the value of the coproate assets. What can be done in the interim to protect these assets from removal/disposal or anything that would disadvantage the majority shareholder/seller?

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Damien Bosco

Attorney

Doctoral Degree

2,716 satisfied customers
In terms of liability (not tax). What are the differences

Hi ,In terms of liability (not tax) . What are the differences between LLC, LLC and PC. In my specific example there are two partners/members/shareholders.For example: issues such as liability for the other partners, type of protection (debt, mal practice , neglagece), etc.

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DrakeLAW

Juris Doctorate

512 satisfied customers
A publicly traded bank was fined by the OCC for not

A publicly traded bank was fined by the OCC for not disclosing to shareholders that the CEO was named personally in a civil lawsuit against the CEO and bank for abuse of process and the corporate veil of the CEO was pierced holding him personally liable. The suit was dismissed on a summery judgment technicality (not the merits of the case) the plaintiffs filed an appeal that is currently pending. Since the case is still technically open and the outcome of the appeal can significantly effect the stock value, is the bank in violation of SEC or OCC rules for not disclosing the pending legal action and appeal?If a civil lawsuit was dismissed on summery judgment but is under appeal, is it still considered open./active?

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Damien Bosco

Attorney

Doctoral Degree

2,716 satisfied customers
I went to the bank with my documents to get a copy of what

I went to the bank with my documents to get a copy of what my business partner had submitted to remove me from the account,and the bank refused,and removed my online profile of the account now I'm blind to see the business proceeds that the company is making. I hired an attorney as advised 3 weeks ago but they have done nothing to help my case. Can I file something to close the business,but more importantly file something to keep him from spending the business proceeds or using the company tax ID to open another business account. How do I report him and his aunt who works at dcra? I feel like this matter is taking too long because the business is not worth $100k I guess. Please help.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,502 satisfied customers
I am trying to inspect the books and records of a

I am trying to inspect the books and records of a cooperative in which I am an owner. They in the past have allowed me to inspect all the shareholder meeting minutes and board of directors meeting minutes. They have refused to as I requested last month stating that the law firm has told them they do not have to do so. Please tell me the law in this matter and if they are estopped from asserting this as they have allowed it in the past. Furthermore the managing agent is making this statement to me regarding the law firm. Should I require that the board of directors clearly state this as the law firm is only for advisory. They, themselves have no authority unless it is vested in them from the BOD's.

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Richard - Bizlaw

Juris Doctor

9,590 satisfied customers
S Corporation had three shareholders. One shareholder was

S Corporation had three shareholders. One shareholder was under investigation for some personal items by the police, not connection with any of the activities of the corporation. He fled the country. He is not to be found. What will happen to the corporation? Is the Corporation technically terminated? How will this situation be handled?

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Irwin Law

Juris Doctor JD

8,422 satisfied customers
Dwayne, You have helped me before. I am the inventor of a

Hello Dwayne, You have helped me before. I am the inventor of a new disposable bread bag closing device. My question today is:My business is an LLC, which was formed in Minnesota, but I have relocated to Connecticut. I have read online about the options to move my LLC to a new state, but I am not sure which is best. My company is still in start up phase and I have not done any sales yet. Would it be better to dissolve my current LLC and establish a new one in CT? If I follow this route, would it be wise to consider establishing another type of entity? I have thought that an S-Corporation would be wise in order to avoid double taxation and also because I want my wife to have shares, and perhaps have other partners in the future.

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Dwayne B.

Juris Doctor

35,272 satisfied customers
If my company is dissolved, and a former client over paid an

If my company is dissolved, and a former client over paid an invoice prior to dissolution, can they sue to recoupe the money?

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CalAttorney2

Attorney

Doctoral Degree

19,342 satisfied customers
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