Legal Question in Business Law in Texas

Buy out of a Corporation

I was forced to be a part of a corporation with my father. I have never signed any documents but my signature was forged on them. I claimed this corporation on my tax return because I wasn't sure if I needed to or not. I want to get out of this. Can I ask to be bought out? If so, how do I know what my share is worth?


Asked on 8/12/03, 11:01 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Buy out of a Corporation

You cannot be forced to be a shareholder in a corporation. You can always ask to be bought out, although nothing is forcing either the corporation or your father to buy you out.

Check and see what other businesses, similar to yours, are selling for. Your percentage of your corporation would be the high end of the value; i.e. if a similar business is selling for $500,000 and you have 30% of the shares, the maximum your shares would be worth are $150,000 (30% of $500,000). Talk to a business broker about evaluating the corporation.

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Answered on 8/12/03, 11:58 am


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