Ask Experts Questions for FREE Help !
Ask
    tomson's Avatar
    tomson Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 25, 2008, 12:16 PM
    What are the rights of the Former Directors?
    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?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Mar 25, 2008, 02:35 PM
    Quote 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?

    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.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #3

    Mar 26, 2008, 05:06 AM
    Quote Originally Posted by tomson
    Is it legal?
    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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

As an aunt do I rights to sue DCFS for vistation rights to see my niece? [ 10 Answers ]

Hi My name is Rosalyn. I have a 12 year old niece that I just adore. Unfortunately she is in foster care with Illinois's DCFS going on 6 years. My sister, my nieces mom is mentally Ill. Her father was in jail for 10 years (my niece was 2 when he was sentence). Now that he is out jail and a witness...

Directors vs. Officers [ 2 Answers ]

Hello, Can anyone tell me the difference between a director of a company or an officer? Does one have more control over another? Thank you in advance.

Tenet rights vs housemates rights for removal of housemate [ 3 Answers ]

Good day everyone. My question is this: Can I have my housemate evicted from my apartment if she has not paid her part of the rent for several months? She is on the lease as a occupant only. I know I can have her removed from the lease by submitting it in writing to the landlord. I have receipts as...

Legal Rights, Moral rights, and rights in general [ 5 Answers ]

Something popped up when I was answering a question the other day. My opinion is that there are laws(legal rights etc) and RIGHTS (moral rights) I though that itd be interesting to discuss. What are your opinions/experiences? Do you believe that the law has the right to determine our rights?

Directors Cut DVD [ 2 Answers ]

Hi--Can anyone tell me what is the difference between a Director's Cut Version DVD to a Full Screen or Wide Screen---Thanks!!

View more questions Search