Pennsylvania | Business Law
8/14/10, 12:30 pm
Legal Question
A contract entered into and signed by Person Z, Person W and Company X states the following:
Person W wishes to acquire Person Z’s 15 shares of stock in Company X
Person Z wishes to relinquish 15 shares of his stock in Company X, if Company X forgives a previous $15 loan from Company X to Person Z.
Question: After the transaction is completed, does Person W own the 15 shares or does Company X own the 15 shares?
Back ground Information:
Company X is a closely held, non-public, Pennsylvania C Corporation. The 15 shares are about 30% of all the outstanding Company X stock. Person W is the President and CEO of Company X
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Legal Answer
Read More Answered By: Sharmil McKee |
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