We are three partners in a business with equal shares. I am a 33.3% partner in an S-Corp. I have taken a loan from one of my partners against my shares, if he the business do not repay his money in 3 year he will take all my shares.
Part of our business is that we gave personal guarantees on leases and contracts for 10 years. I want to sell my shares:
1. Is signing the stock certificate enuough?
2. By signing the stock certificate and giving the new owner a document showing me selling all my shares would I still be liable for the contracts? Do I need to notify the owners of the leases and contract or do I need to get a liability release from them?
3. How can I sell my share (actually give it for the money I owe him and not to wait 3 years) and at the same time getting rid of all the liabilities?
Thanks
2007-09-10 05:34:04 · 1 answers · asked by Anonymous in Business & Finance ➔ Small Business
You need to speak with a good CPA.
2007-09-13 01:24:59 · answer #1 · answered by jdkilp 7 · 0⤊ 0⤋