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Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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My husband is purchasing a division of a company which has

Customer Question

My husband is purchasing a division of a company which has filed for S-Corp status. He is is the process of signing the promissary note which is payable over ten years.
I have been forwarded a contract asking for my signature regarding the buy-sell arrangements. It includes in the event of divorce, that there would have to be shareholder agreement to transfer shares. There will be two shareholders: my husband and the seller's CPA (who is representing the trust of the seller).
My only concern (and maybe I'm wrong) is that I'm legally on the hook for the promissary note-even though it's an S-corp and would potentially have no way to cover the cost of the promissary if something went wrong with their agreement or the S-corp bylaws.
Am I being neurotic? We are very happily married--but the business acquisition is a large financial obligation.
Submitted: 2 years ago.
Category: Legal
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
Can you provide me a bit more information? In what state are you located? Thanks.
Expert:  Richard replied 2 years ago.
I just wanted to let you know that I will be away at a meeting for the next hour or so. Should you follow up before I return, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.