July 5, 2017
I learned the hard way (see Part 2) that looking for easy money rarely brings it. Yet another class in the School of of Hard Knocks: I was fronting all the money. Yes, Grace and I agreed to split everything 50/50, but because of her particular work situation, she could not “officially” be listed as an owner of the business. So that mean that all of the payments for the product had to go through me. This should have been — and ultimately was — a big red flag for me, as I have been in situations before where my financial “generosity” has been my undoing. Also awkward is that when I made the initial down payment, Grace promised that she would write me a check for half immediately. One month later, and although the company was slow in processing my credit card payment, Grace still had not sent her check to me. This was definitely strained for a few weeks, as I’m wondering was Grace going to be good to her word? Is this a…
Continue ReadingWhen a shareholder in a multiple-owner company decides to withdraw from a corporation, her shares need to be transferred. But to whom? And how? It depends on how the shareholder’s agreement is worded. Two scenarios…
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