Want to get out from my father-in-laws company?

Question

I want officialy to get out from my father-in-laws company. My name is on the corporation; I am one of the owners and I want to send the necessary application to the Virginia State Corporate Commission to get out of the company. Does anybody know which form I have to fill and where to get it?

Answer 1

If it is a Corporation, then the only way you are an owner is if you are a shareholder. You have to sell your shares. The corporate secretary will log the transfer of shares in the corporate stock transfer book.

If you are a director, you may resign. The shareholders will have to elect another director.  The directors will report in on the next annual report to the state if necessary.

If you are an officer of the corporation, you may resign, the directors will hire another officer. The directors will report in on the next annual report to the state if necessary.