Value of ownership in the event of partner’s Departure An ownership interest in the firm confers upon the owner certain, rights, responsibilities and obligations. An Ownership interest purchased or received by an equity partner cannot be sold, transferred, encumbered, assigned, leased, bequeathed or subject to any transaction regardless of value without the unanimous consent of the two founding partners. Only the equity partners have a right to confer an ownership interest to new equity partners. Such equity will be valued at the time it is conferred for the specific purpose of granting an interest in the Firm to a new partner who must be unanimously approved by all voting partners. Partners are restricted from any further transfers of their interest. If a partner chooses to transfer in violation of this agreement, such an interest will be of no value whatsoever. In the event a partner leaves the firm, that partner’s interest shall return to the firm and hold no value. In the event of an equity partner’s departure, any possessory interest in the Firm shall be computed based on the value of the percentage of that partner’s share of real and personal property, accounts receivable and other accounts with tangible value that the Firm owns. Haytham Faraj, Esq. PUCKETT & FARAJ, PC _______________________ WASHINGTON DC METRO The Law Firm of Puckett & Faraj, PC 1800 Diagonal Road Suite 210 Alexandria, VA 22314 703-706-0442 Phone 202-280-1039 Fax DETROIT METRO The Law Firm of Puckett & Faraj, PC 313-457-1390 Phone 202-280-1039 Fax The information contained in this electronic message is confidential, and is intended for the use of the individual or entity named above. If you are not the intended recipient of this message, you are hereby notified that any use, distribution, copying of disclosure of this communication is strictly prohibited. If you received this communication in error, please notify Puckett & Faraj, P.C. at 888-970-0005 or via a return the e-mail to sender. You are required to purge this E-mail immediately without reading or making any copy or distribution. |