Legal Question in Business Law in Maine

Re: Incorporation question

As a 50% owner of a small incorporated business, you should still be on an informal basis with your co-owner. You should be able to discuss your goals and methods of achieving them informally. ie- can you agree on a price without hiring an appraiser? will your co-owner give you "owner financing" over time or is it a cash price? will you require the co-owner to sign a non-compete agreement?, etc. The Bylaws that currently exist should have some provision for stock transfer between owners to help guide you. There is no need for a dissolution, just a transfer of the stock shares. Once you have an agreement in principle, you should contact a lawyer to get it done. You should not contact the present lawyer/Clerk since it is a direct conflict for the Clerk to be involved in issues between the co-owners.