Legal Question in Business Law in New York

Hi, I have been a president and 50% share holder of a C-Corp last 3 years. I sold my shares to one of the other partners. We signed a "Stock Purchase Agreement & release" and added "Certificate of Resolution" to our books. I also sent DTF95 to NY State with the changes of owners and officers. Is there anything else I need to do to cover my self from future liability of the firm? Thanks,


Asked on 9/23/10, 1:19 pm

1 Answer from Attorneys
David Ganje Ganje Law Office

Hello,

The buyout by one stockholder by another [or by the corporation] is an important legal event. Certain action should be taken and memorialized in order to confirm the buyout and indemnify the seller from potential liability arising out of the corporation. Proper language in release and indemnification transfer paperwork is necessary. Certain resolutions and resolution language are also necessary and so forth. We can help firm up these matters if you are interested. Please feel free to contact us.

This answer is provided for your information only to help you understand some of your legal rights. It should not be relied on as legal advice because it is not a substitute for the full consultation and advice of an attorney. Nothing contained in my comments constitutes the establishment of an attorney-client relationship.

David L. Ganje

Attorney at Law

Ganje Law Offices

Two Tower Place

Albany, NY 12203

(518) 437-9000

Fax - (518) 437-9115

[email protected]

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Answered on 9/29/10, 10:32 am


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