I bought the shares of my former partner in 2006. We signed all papers stating she would have no financial claims against the company starting form the day she sold the shares. Now she is asking me to provide her with the papers on revenue and other payments in 2006 claiming she wants to get the share of profit for that year.
Is it legal?

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Originally Posted by tomson

I bought the shares of my former partner in 2006. We signed all papers stating she would have no financial claims against the company starting form the day she sold the shares. Now she is asking me to provide her with the papers on revenue and other payments in 2006 claiming she wants to get the share of profit for that year.
Is it legal?

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What does your buy-out agreement say? It should be in there.

Otherwise - it's your word against hers and it's not unreasonable for her to ask for a percentage of the profits earned when she actually held the shares.

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Originally Posted by tomson

Is it legal?

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Hello tomson:

Legal wouldn't be the word I'd use. Entitled would be better. Is she entitled?? I think your agreement says that she isn't. Is it legal for her to ask? YES!

excon