Texas | Business Law
Legal Question
Corporation
I have run a company with a partner for 5+ years. He put his half in his wife's name. Recently they divorced. I wanted to split up the partnership (LLC) anyway. She wanted to give him her ownership and walk away. Our agreement states that ownership can not be sold/transferred without the approval of the other owner(s). I will not do that. They got divorced. The agreement in their divorce is that when we split up the assets of the company, she will sign her portion over to him. I think it is in my, and her, best interest to shut down the company and let him re-open using the same name, or the same DBA. He was going to get the name anyway. I have already formed my new company.
Is this the smartt approach? If his wife and I sign over the company to him, will we be exposed in any manner going forward.
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