My question involves bankruptcy in the state of: Georgia
Can a creditor take s corp stock from a shareholder?
Example: Shareholder owns stock in S Corp and is personally sued for everything he has; does this include his ownership in the S corp? If so, what if the Shareholders' Agreement has a transfer restriction stating that stock can only be transferred to spouse and lineal descendants?
If the stock can be taken by creditors, how should the shareholder value his stock in the company when obtaining an umbrella policy to protect it?
Any other tips which may be helpful I do welcome.
Can a creditor take s corp stock from a shareholder?
Example: Shareholder owns stock in S Corp and is personally sued for everything he has; does this include his ownership in the S corp? If so, what if the Shareholders' Agreement has a transfer restriction stating that stock can only be transferred to spouse and lineal descendants?
If the stock can be taken by creditors, how should the shareholder value his stock in the company when obtaining an umbrella policy to protect it?
Any other tips which may be helpful I do welcome.
Bankruptcy Issues: Is S Corporation Stock Exempt from Creditors
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