Court of Appeals of Georgia July 15, 1997, A97A0423 (Huggins v. Chapin)

McMURRAY, Presiding Judge.

On March 19 and April. 12, 1993, J. Thomas Chapin gave Ronald G. Huggins two checks totaling $50,000 in exchange for a ten percent interest in Huggins’ closely held corporation, I. H. International, Inc. (“IHi”) ^ week later (April 19, 1993), Huggins hired Chapin, gave him a salary and named him vice president of IHI.