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Ask Maverick Your Own Question
Maverick, Attorney
Category: Legal
Satisfied Customers: 6422
Experience:  20 years experience as a civil trial and appellate lawyer
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I would like to start an online business with a friend. Is

Customer Question

I would like to start an online business with a friend. Is there a spousal agreement form for our spouses to give up any claim on the company?
Submitted: 2 years ago.
Category: Legal
Expert:  Maverick replied 2 years ago.
If you open a S corporation, then only issue the shares to yourself and your friend, your spouses would have no direct claim in the company unless the shares were transferred to that spouse in a divorce proceeding. But to cure that, you could have a shareholder agreement between you, your friend, and the S corp where, in the event of a divorce filing, the company has a right of first refusal to buy back the shares so that they could not be transferred to the spouse. Rather, the divorcing couple would have to divide up the money paid the S corp in exchange for buying back the shares. The other option is to buy a post nuptial agreement for CO. See link above. Please remember to assign a feedback rating so JA will compensate me for my time. You are free to ask follow-up questions thereafter at no charge. Please allow up to 24 hours for a follow-up response if I am signed off. If, for some reason, you are not satisfied with the answer, I would appreciate knowing why so that I can try to clear up any misunderstanding that may have taken place and still earn a positive rating from you. If you would rather obtain a refund of your deposit, just let me know and I will inform JA on your behalf. Finally, you may request me in the future by beginning the question with "THIS IS FOR MAVERICK". Thank you for using Just Answer.
Customer: replied 2 years ago.

But if we were to create an LLC where only the two owners are listed on the company, would the spouses be able to claim ownership in divorce? Need to also assume that both owners contribute money to start the company.

Customer: replied 2 years ago.

Can you please respond to my follow-up question? I don't feel like the first answer was sufficient.