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Old 06-06-2008, 01:32 PM
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Question SOS --> How to get out of C-Corp ?

Hey Guys,
I opened a C-Corp with my friend as equal shareholder. Right now I am the president of the company. We just registered the company and then suddenly decided to part ways. My friend wishes to continue owning the company and wants to run it. My questions are :

1) How to do I get out of it in such a way that I don't have legal and financial/tax liability ?
2) I have been told that I just need to send in a resignation letter and that would do it ? Is this right ?
3) Some people have also told me that the best way to get out is dissolve the company ? Do u guys also feel the same ?


NOTE:

1) We haven't made a single penny yet in the company.
2) The other guy has verbally agreed to pay my expenses till date.

Thanks



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Old 06-29-2008, 11:30 PM
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Join Date: Jan 2007
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Sell him your shares and hire an attorney to conduct the sale of your shares. This way the whole process would appear transparent.

Its very important to have everything in writing. But, I guess since its a C corporation, you have little to worry with respect to any future liabilities after the sale of your shares to your partner.



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