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I have a question I am looking at leaving my business I am…

I have a question I...
I have a question I am looking at leaving my business I am 30% owner and then Chris is 40% owner and then poke and Derrick are 15% owners. I just want to start up a sole proprietorship in the same area as what we are doing now but just in my own how would I go about this? Thanks, Cameron
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Answered in 16 minutes by:
2/26/2018
Lori
Lori, Attorney
Category: Business Law
Satisfied Customers: 1,215
Experience: Business law attorney with over 25 years experience
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Hello. Let me see if I can assist. Is the business a corporation, partnership or LLC? What does the corporate documents provide for terminating your interest in the company? There should be a buyout provision so you get paid for your shares by the company or other shareholders. If you do not have a non-compete agreement with the company, then you are free to resign as an owner, redeem your shares back to the company and start a new business in the same area.

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Customer reply replied 1 month ago
LLC is what we are and what if I leave without getting bought out and just resigns my shares for free? Thanks, Cameron
you can absolutely do that. Be sure when you resign that you tender your membership certificates. You do not want to be responsible for any breach of fiduciary duties as a member of the LLC after you leave.
How do I answer all your questions?If so, please remember to except my responses and post A five-star positive rating.
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Customer reply replied 1 month ago
Are you able to write these up? Out of curiosity? And i do not believe I ever signed a non disclosure.
Preparation of documents is beyond the scope of this site. However, if you accept my responses and close out this question, I would be happy to review what you have drafted when you post a new question on the site.
When you post a new question on JustAnswer, please put "for Lori only" in the beginning of the question and it will be directed to me.
Lori
Lori, Attorney
Category: Business Law
Satisfied Customers: 1,215
Experience: Business law attorney with over 25 years experience
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Lori
Lori
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Category: Business Law
Satisfied Customers: 1,215
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