Legal Question in Business Law in Washington
Is the other officer in my s corporation legally able to demand a portion of our
Our company was incorporated in Delaware and has
only two officers. I want to buy him out and since we
have no reportable profit I have offered a proposal
based upon the amount of equity held by the
corporation (equipment, etc.). He wants a portion of the
corporation--name removed--annual contract as well.
Does he have
any legal right to this, even though we are a corporation
and not a legal partnership?
Asked on 8/22/02, 3:10 pm
1 Answer from Attorneys
Tom Turnbull
tomturnbull.com
Re: Is the other officer in my s corporation legally able to demand a portion of
These are basically matters for negotiation (assuming that you don't have a contract in place with buy/sell rules predetermined).
Answered on 8/22/02, 3:19 pm
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