Legal Question in Business Law in Delaware

''S'' Corporation Law

I own a small number of shares in an S corporation, was employed there 13 years, and when I left the owner said I should hang on to the shares because they may be valuable someday. Now they are ''recalling'' all shares held by non-employees and offering a low price. Am I required to return the shares?


Asked on 7/23/08, 9:09 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: ''S'' Corporation Law

Only if the recall notice says so(in my opinion).

(And, if required, your failure to do so could

void the shares of any value if at some later time there was an attempt to redeem them.)

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Answered on 7/26/08, 4:06 pm


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