Legal Question in Business Law in Florida
My husband and I own a S Corporation. Can I sell my shares to a third party without his approval? If so, do I have to split the proceeds with him?
2 Answers from Attorneys
As a franchise attorney I can only say it's not possible to answer this question without more fact and a review of the corporate bylaws, share certificate legends restricting transfer, etc. There may also be shareholder agreements in place. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
Unless the shares are restricted by corporate documents, or agreement, shares may be sold if solely held by you.
To be sure, all corporate documents and agreements need to be reviewed.
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