Legal Question in Business Law in Texas
selling my shares
I'm an owner of a company and my partners would like to buy me out. I recently submitted via email a resignation letter just stating that I am leaving the company, nothing more. Because I quit the company does that mean I've automatically forfieted my shares and my partners are not obligated to purchase my shares? I've not signed any documents to this point nor have we began negotiations of my buy out. I just want to be sure that by resigning that I have not cut myself out of my shares.
Thank you.
1 Answer from Attorneys
Re: selling my shares
I doubt your resignation would trigger a forfeiture of ownership, but weirder documents have shown up before. The nature of the business entity (corporation, general partnership, LLC, etc.) will also determine your status.
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