Selling S Corporation to brother?? Help

[lvnlfe]

I am selling my business which is suppose to go to my brother, we mutually agreed upon a buyout amount. My question is, my brother rather put the S Corporation into both of his daughters names and he stated he can only pay me half up front before I leave out of state.

How can I protect myself to make sure I receive the rest of money which was agreed upon. I am concerned he is doing the company in his kids names so he won't have any recourse to pay me the balance of my money due to me.

Is there any legal forms out there for him to sign, to make sure I get my money even though the amendment of the corporation will not be in his name? I currently own 100% of the company. The company is located in Arkansas

Thank You

 

[loku]

If you enter into a valid contract of sale with your brother, he will be legally obligated to pay you according to the terms of the contract. If you are concerned about his honesty or good will in this, I suggest you hire an attorney to draw up the contract.