Cheney v. Moore

Deen, Presiding Judge.

Appellant Ouida Cheney and appellee Susan Moore agreed to start a medical supplies retail business under the name C&M Medical Supply, Inc. (C&M). Under the articles of incorporation, drafted by Cheney’s attorney, both Cheney and Moore were to be officers, directors, and employees of the company, each was to invest the same amount of money and work the same amount of time, and each was to own 50 percent of the stock. The buy-sell agreement incorporated into the articles provided that, upon either principal’s leaving the firm’s employ, the corporation would have the option…