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My mom is selling her 100% owned S-Corp to my Cousin for…

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Good afternoon,My mom is selling...
Good afternoon,My mom is selling her 100% owned S-Corp to my Cousin for $100,000, repayable upon future profit of the Business. The $100,000 represents contributions in cash my mom put into the business to cover losses. I've attached the 2 drafted agreements. Are there any particular issues that jump out? Does the Promissory Note need to be signed by the Business? My mom (seller) is current 100% owner and my cousin (buyer) will be 100% owner. Documents do not need to be perfect and there's no intent to go after my cousin for the Note. It's only to guarantee if the business makes a profit my mom recoups her investment.
Submitted: 1 month ago.Category: Business Law
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Answered in 2 hours by:
3/7/2018
Business Lawyer: Asad Rahman, Attorney replied 1 month ago
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2,400
Experience: Practicing Attorney with 10 years experience
Verified

I am happy to do a review of the proposed agreements but such reviews do cost extra as premium services.

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Asad Rahman
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Asad Rahman, Attorney
Category: Business Law
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