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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Sale of C-corp stock Date: 10/8/2000 11:40 PM
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My husband own's c-corp stock with two other people. When he leaves the company he is required to give the stock back to them. He paid a very small amount for this stock. According to his contract their is no buy in (although he did pay a small amount for the stock) and no buy out of the stock. However, it does say in the contract that he would be paid the balance of his receivables, less 10%, as compensation over a 32 month period. Is this right? Can they do it this way?

I'm not a lawyer, but AFAIK, competent parties can enter into a contract for any lawful purpose and include whatever terms they want. I hope your husband got legal and accounting advice when he set this up. If he didn't, I'd strongly encourage him to do so when it's time to deal with the issue.

TMF ExRO
Phil Marti
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