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Author
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Topic: Some Buisness questions...
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Eddie510-
CAFords OG
Member # 2354
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posted
 
 
Say you own about 20 percent of a buisness but you want to pull out/dont want any part of it anymore .. what are the right steps? thanks
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"I like to be more politicaly correct than what I really believe so I can get more frinds here on CaFords"-Cummings "TIPICKLE"
Posts: 6556 | Registered: Jan 2003
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90blackgt
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Member # 7716
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posted
talk to your partners or partner. See if you can settle without getting any lawyers involved.
Posts: 314 | From: san bruno | Registered: Jun 2007
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Eddie510-
CAFords OG
Member # 2354
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posted
do you need sometype of form saying you have no interest in that company... and it should be fine since partner is a relative... thanksforthe help
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"I like to be more politicaly correct than what I really believe so I can get more frinds here on CaFords"-Cummings "TIPICKLE"
Posts: 6556 | Registered: Jan 2003
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Yaterstang
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Member # 7659
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posted
write up meeting minutes and file to remove your name from the business, is it a partnership, or some form of corporation?
Posts: 2968 | From: Natomas | Registered: May 2007
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sic70stang
CAFords OG
Member # 4347
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posted
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[ August 10, 2010, 11:24 PM: Message edited by: sic70stang ]
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The anti-crew
1987 rolling safety violation.
Posts: 6940 | From: California | Registered: Jul 2005
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Yaterstang
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Member # 7659
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posted
You will need to resign an corporate officer and Board member, as appropriate (no form, just a letter dated and signed).
You will need to transfer your stock shares to the remaining shareholder - sign the back of your stock certificate. Make sure the stock transfer ledger is updated.
You will need to file a new Statement of Information with the California Secretary of State (no filing fee if amended already filed annual statement) to remove you as officer, board of director and registered agent for service of process, as appropriate.
Remove your name from all bank accounts by all walking into the bank together.
There may be other agreements that you have executed as a surety or given a personal guarantee to such as leases, franchise agreements etc. If this holds true, you will want to speak directly with counsel.
Posts: 2968 | From: Natomas | Registered: May 2007
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Eddie510-
CAFords OG
Member # 2354
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posted
right on yater!
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"I like to be more politicaly correct than what I really believe so I can get more frinds here on CaFords"-Cummings "TIPICKLE"
Posts: 6556 | Registered: Jan 2003
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N8
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Member # 6048
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posted
quote:
Originally posted by Eddie510-:
right on yater!
It may not be that simple. If you didnt have anything written up prior to cover this it could be quite a problem to dissolve your interest. Get with a business attorney is your best bet. You could possibly be penalized for withdrawal. Lots of angles to this. And we definitely do not have enough info to answer your question effectively.
good luck
Posts: 11638 | Registered: Sep 2005
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Yaterstang
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Member # 7659
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posted
quote:
Originally posted by N8:
quote:
Originally posted by Eddie510-:
right on yater!
It may not be that simple. If you didnt have anything written up prior to cover this it could be quite a problem to dissolve your interest. Get with a business attorney is your best bet. You could possibly be penalized for withdrawal. Lots of angles to this. And we definitely do not have enough info to answer your question effectively.
good luck
There may be other agreements that you have executed as a surety or given a personal guarantee to such as leases, franchise agreements etc. If this holds true, you will want to speak directly with counsel.
N8, counsel does mean lawyer.
Posts: 2968 | From: Natomas | Registered: May 2007
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N8
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Member # 6048
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posted
quote:
Originally posted by Yaterstang:
quote:
Originally posted by N8:
quote:
Originally posted by Eddie510-:
right on yater!
It may not be that simple. If you didnt have anything written up prior to cover this it could be quite a problem to dissolve your interest. Get with a business attorney is your best bet. You could possibly be penalized for withdrawal. Lots of angles to this. And we definitely do not have enough info to answer your question effectively.
good luck
There may be other agreements that you have executed as a surety or given a personal guarantee to such as leases, franchise agreements etc. If this holds true, you will want to speak directly with counsel.
N8, counsel does mean lawyer.
I know that, but you used the word "if". Isn't an if to it. He "should" seek counsel. Even in side arrangements things get weird. I know first hand.
[ August 11, 2010, 12:24 AM: Message edited by: N8 ]
Posts: 11638 | Registered: Sep 2005
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Yaterstang
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Member # 7659
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posted
So N8 can you prove that 2 + 2 = 5? I can here i go! Knowing what a proof is, is the first step in answering this question. From what I am familiar with...
A proof is: a set of logical steps acquired through deductive (therefore, not making any giant leaps in logic, unless by definition), and hence, empirically (from the evidence provided) resulting in a direct equivalence (being, among other types of equivalence, but primarily, in permutation, multiplicative/additively & negatively/positively & even/odd... meta-mathematically) of states, that's shortest distance is (in absolute terms), either infinity, zero, and/or, also, one.
Really, the attempted 'proof' of 2 + 2 = 5 is based on a distorted type of Trigonometry, which was in essence the source of today's Calculus (just try to draw Tangent or Secant without running into the idea of Calculus' derivative & integral, respectively), and actually is the result of any additive equavalence of any two numbers' to being alike to any number, (because measuring hypotenuse of a given sides is essentially multiplicative, hence partially irrational).
(Which makes me wonder... is there a 2 * 2 = 5 equivalent? and the answer is a resounding, yes! But first the 'proof' as written by Charles Seife.)
Let a & b each be equal to 1. Since a ^ b are equal,
b^2 = ab ...(eq.1)
Since a equals itself, it is obvious that
a^2 = a^2 ...(eq.2)
Subtract equation 1 from equation 2. This yeilds
(a^2) - (b^2) = (a^2)-ab ...(eq. 3)
We can factor both sides of the equation; (a^2)-ab equals a(a-b). Likewise, (a^2)-(b^2) equals (a + b)(a - b) (Nothing fishy is going on here. Ths statement is perfectly true. Plug in numbers and see for yourself!) Substituting into the equation 3 , we get
(a+b)(a-b) = a (a-b) ...(eq.5)
So far, so good. Now divide both sides of the equation by (a-b) and we get
a + b = a ...(eq.5)
b = 0 ...(eq.6)
But we set b to 1 at the very beginning of this proof, so this means that
1 = 0 ...(eq.7)
...Anyways, getting that far gives us the jist of the proof, later in the proof, Charles Seife goes on to prove that Winston Churchill was a carrot! if you want to know how that is possible, I recommend you read the book.
From equation 7, add a number to either side and get it equal to any other number, one greater than itself.
Multiplying equation 7 after adding to it, and one can get: any number is equal to any other number.
Hence, conceptually, any number is equal to zero, and, theoretically, that includes infinity. But that's also the reason why when you divide by zero, it is 'Undefined.' Which, consequentially, is what is happening in this equation... just subsistute 1 into equation 3 and one will see that we are dividing by zero in equation 5.
This is what lead to the invention of calculus. Really, from here this segways into Hilbert Space... but that is best left for another entry, hopefully, on the actual subject of quantazation.
That's all I have time for...
THIS PROOF IS BY DEFINITION INCORRECT, but it provides a good tool as of why we define things in mathematics the way we do.
A good question to ask from here would be (based on my previous tangent):
Does 1/3 plus 1/3 plus 1/3 = 1?
Or, does it equal just zero point nine repeating?
Posts: 2968 | From: Natomas | Registered: May 2007
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N8
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Member # 6048
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posted
quote:
Originally posted by 2000BlackGT:
Yaterstang nice copy and paste job. Way to almost look credible.
http://answers.yahoo.com/question/index?qid=20100702230627AAr2AHF
lol...Yea. I am not sure where all that came from and why. But "cool story bro".
I never said you were wrong. But what Eddie is trying to do is a multi-faceted issue. And none of us know enough to give a valid answer outside of "seek counsel" rhat was my point. Personally I went through buying a partner out of my company about 5 years ago. And the process is still in motion. So it is something that can take a while if no provisions were made to account for this situation.
Good luck Eddie.
Just to add, some situations where you remove 20% of a business could ruin the the business. In that case some concessions will need to be made. A lot of courts will not allow a dissolution if it will kill the overall business. Which was the case in my situation. So we arranged a payout over time unless a certain forecast was eclipsed. So do yourself a favor and check out a attorney that specializes in what you are after.
[ August 11, 2010, 11:34 AM: Message edited by: N8 ]
Posts: 11638 | Registered: Sep 2005
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Yaterstang
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Member # 7659
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posted
LOL, how do you know i didnt post that originally on yahoo answers.
Posts: 2968 | From: Natomas | Registered: May 2007
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Yaterstang
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Member # 7659
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posted
How am i owned, i gave dude exactly what you need to do to get your name off a corporation. He never asked how to dissolve it, because it sounds like the corp is going to move on without him. I brought something funny to the table, you my friend bring nothing but fail.
Posts: 2968 | From: Natomas | Registered: May 2007
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Blind
2.3L
CAFords OG
Member # 3052
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posted
quote:
Originally posted by Yaterstang:
How am i owned, i gave dude exactly what you need to do to get your name off a corporation. He never asked how to dissolve it, because it sounds like the corp is going to move on without him. I brought something funny to the table, you my friend bring nothing but fail.
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89 LX Notchback ex 4cyl, 14psi
02 Harley F150, 15psi
Posts: 8521 | From: Fairfield | Registered: Jul 2003
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Wolfie351
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Member # 651
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posted
quote:
Originally posted by Eddie510-:
do you need sometype of form saying you have no interest in that company... and it should be fine since partner is a relative... thanksforthe help
Sounds like others may have confused corporations for regular businesses. Contrary to what others have said, you do not need a lawyer. It sounds like you just want out with no financial transaction, so just offer to sell your shares to your relative for a dollar. But, just let it be known, that if this IS a corporation, you have absolutely zero personal liability if you decide to hold onto your shares. I have a few shareholders of my company who I haven't talked to in a decade. But, I keep working and they keep earning equity. No one can force you to sell your shares. But, at the same time, you can't force someone to buy yours. In any case, no government forms need to be filled out, it is a private transaction. If you are on the board of directors, resign. Then it is up to them to file the paperwork for that, not you. If you have personally guaranteed loans, then there can be issues that will need to be worked out.
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1985 Mustang GT: 351W, Griggs, Baer, etc etc
Posts: 1214 | From: South Bay | Registered: Dec 2001
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N8
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Member # 6048
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posted
quote:
Originally posted by Wolfie351:
quote:
Originally posted by Eddie510-:
do you need sometype of form saying you have no interest in that company... and it should be fine since partner is a relative... thanksforthe help
Sounds like others may have confused corporations for regular businesses. Contrary to what others have said, you do not need a lawyer. It sounds like you just want out with no financial transaction, so just offer to sell your shares to your relative for a dollar. But, just let it be known, that if this IS a corporation, you have absolutely zero personal liability if you decide to hold onto your shares. I have a few shareholders of my company who I haven't talked to in a decade. But, I keep working and they keep earning equity. No one can force you to sell your shares. But, at the same time, you can't force someone to buy yours. In any case, no government forms need to be filled out, it is a private transaction. If you are on the board of directors, resign. Then it is up to them to file the paperwork for that, not you. If you have personally guaranteed loans, then there can be issues that will need to be worked out.
I still say consult an attorney. If the business is a registered one that has reported taxes and all, you will need to discern what 20% of what is. But indeed Wolfie could be correct, if it is just something fly by night that was setup you may be able to squeak out writing stuff down on a napkin. But it also sounds like you were a investor too and not a active party. So there is something else to consider. And the fact that it is family makes it even more viable to have a attorney. Family and business do not mix well.
Posts: 11638 | Registered: Sep 2005
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Eddie510-
CAFords OG
Member # 2354
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posted
thanks guys ... very good help ![[patriot]](graemlins/patriot.gif)
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"I like to be more politicaly correct than what I really believe so I can get more frinds here on CaFords"-Cummings "TIPICKLE"
Posts: 6556 | Registered: Jan 2003
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