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I sold my 50% ownership in a company on December 31st, to my…

I sold my 50%...

I sold my 50% ownership in a company on December 31st, to my partner. We have 300,000. In our checking account as of December 31st. Legally, 50% of that is mine. Correct?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Colorado

Lawyer's Assistant: Has anything been filed or reported?

Not sure what that means

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Not at this time

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Answered in 5 minutes by:
1/6/2018
DrakeLAW
DrakeLAW, Lawyer
Category: Legal
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Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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What type of entity is it, an LLC, corporation, partnership?

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Customer reply replied 7 months ago
SCorp

So assuming you sold all your shares to your partner and he owns 100% and your sale agreement did not specify anything about the company assets then no, it is the Company that owns the $300k in the account...not either of you personally.

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Had the company paid dividends or something on the 31st, yes you would be entitled to 50% of the dividends.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

DrakeLAW
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