You should have prepared a shareholders agreement that outlines what happens in the event of the resignation of a shareholder. The resignation letter will trigger the unfolding of a series of events and procedures.
Among them are: 1. Working out how much you will be paid for your interest and over what period of time, 2. Whether you can work in or start a competing business and 3. Whether you can solicit clients of the current corporation.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.