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From: Charles and Pat Culotta (no email)
Date: Sat Jun 09 2007 - 20:56:24 EDT
Kar,
Be darn careful.
Once in , Particularly , a corp. then hard and expensive to get out.
Insist on a " Put and Take"
That is the one who wants out makes an offer to sell to the remaining partner. If the remaining partner refuses the price as too high then
the WITHDRAWING partner is OBLIGATED to buy the other out. He can then go peddle his expensive boat.
Second: Once there is a problem you will not be able to agree on the time of day.
Keeps all honest.
CCC
retired marine attorney
CHARLES C., JR. & PAT CULOTTA
SUPPORT OUR TROOPS
M/V CCRIDER
PATTERSON, LA.
http://geocities.com/charlesculotta
Hi All,
I was presented with an opportunity to purchase a 1/2 share of a boat,
with a person I'm not familiar with.
The boat is documented to a corp. Assuming the the personalities will match
- what are pitfalls we should be aware of and what are the best remedies ?
TIA,
Kar
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