My partner and I have a C-type coporation that we opened a couple of months ago. The president of corporation is him and I hold 50% of shares. My partner want out because he is starting the family, therefore I need to become a president and 100% owner. How do I do that? Would it be enough for him to sign a share with his 50% transfer to me? Or do I need to fill out a special form or a letter signed by both parties?
2006-09-22 03:13:55 · 2 answers · asked by NLoveFA 1 in Business & Finance ➔ Small Business
To transfer stock from him to you, you need an agreement. To change the President, you need a Board resolution. Both should be relatively easy to prepare. If you are not sure what to do, borrow a Nolo Press book on corporations from your local library or talk to an attorney.
2006-09-22 04:46:56 · answer #1 · answered by NC 7 · 0⤊ 0⤋
You should have an agreement where he transfers his share to you. Then a shareholders meeting to elect you as president. You then have to notify the secretary of state that you have become the president. You should also make yourself the agent for process.
2006-09-22 10:27:18 · answer #2 · answered by WJVV 4 · 0⤊ 0⤋