How do I resign from a corporation based in Texas?
I want to remove myself from an existing corporation that my partner wants to keep running. I want to have nothing else to do with it, and I want it to have nothing else to do with me in any legal, liability or financial sense.The simplest way to resign from a corporation (in any state) is to submit a letter of resignation, addressed to the president of the corporation or, if that’s you, to the next highest officer.
You should have prepared a shareholder’s 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.