Maryland | Employment Law
9/05/06, 9:24 pm
Legal Question
Type S corporation stock and when to revalue it?
I run a very small Type S corporation. We have issued 1000 shares of stock, valued at $10.00 a share by the company back in late 2005. Currently I am removing one of the members of the company. He has 24shares of stock. He is attempting to get us to up the value of the stock so he receives a higher payoff. What are my obligations? In our Articles of Incorp. the only mention of the stock is that the Board of Dir. can fire someone at anytime and reclaim the stock. Since it has only been a year, do we have to revalue the stock before repurchase? Thank you.
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Read More Answered By: G. Joseph Holthaus III |
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