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I desire to purchase 50% ownership in a corporation that…

I desire to purchase...

I desire to purchase 50% ownership in a corporation that does HVAC work. He has agreed to me putting 20% down and he will finance the rest over the next few years, 3-5 is my best estimate. He will do this but says my percentage of ownership is directly related to / dictated by the amount of money paid in at any given time. In other words, I put 20% down then I only get 20% ownership or say so in the business even though we'll have a contract stating I am buying 50%. Does that sound right? I've never bought a car that was financed but only been able to use a portion of the car, or anything for that matter.

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

NC

Lawyer's Assistant: Has anything been officially filed? If so, what?

NO we are No we are still in the negotiating phase but this his comment is not sitting right with me for some reason.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, just wondering if that is normal way of doing business.

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Answered in 3 minutes by:
2/19/2018
WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,528
Experience: Senior Associate at White & Case LLP
Verified

It is a negotiated term of your deal, but you might propose to him that you get all of the stock now, in exchange for giving him a promissory note to pay the rest of it.

The promissory note would be secured by your 50% of the stock that you get now.

If in the unlikely event that you default on the note and don't pay the full purchase price for the 50%, then he could take back the portion of the stock that you have not yet paid for.

That is how I suggest you structure this deal. That is more customary than what he is proposing.

Please rate five stars ***** by clicking on five stars ***** and press SEND.

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Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 4,528
Experience: Senior Associate at White & Case LLP
Verified
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Customer reply replied 4 months ago
Thanks

Thanks to you and good luck!

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