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    2 Replies Latest reply on Apr 7, 2009 11:07 AM by dublincpa

    Wanting to leave a corp. HELP!!!

    tmc3011 Newbie
      I am in a S-corp with 2 other partners and i am wanting to get out because of many disagreements. i own 33.33% we have been friends for 20 years and in buisness for 7 years we are a very profitable cabinet co. and i was wondering how and if they have to buy my share. i'm sure they want my part but we have not talk in a few days since they chose our female field super. over me. please any advice would be very helpful
        • Re: Wanting to leave a corp. HELP!!!
          DomainDiva Ranger
          You need to get all of your partnership/corporate documents together and retain an attorney ASAP!. Do not try to negotiate this on your own, there are going to be hard feelings either way you go, and you may loose people you thought were your friends. An attorney will protect your interests and yours only.

          If they are not talking to you, they may have already obtained legal counsel to buy you out.
            • Re: Wanting to leave a corp. HELP!!!
              dublincpa Scout
              DD is right on about the attorney.

              In addition, be sure to get a CPA or EA to review the tax implications of the proposed buyout. Unless your attorney is also a tax expert (very rare), they will not likely have that aspect at the from of their minds.

              There can be a tax rate difference of 20% among the various buyout structures.