Illinois | Business Law
Legal Question
I started a business when I was 23. My father was in the same industry and started working with me after 6-12 months. He never made any significant financial investment in the company. He incorporated the company 4 years ago after about 18 mo. of operation. Initially the company was operating under another corporation that I was the sole owner of. I am the majority shareholder (60%) and president. He listed his wife as the secretary and minority owner (40%) when he did the paperwork with our attorney. She has never worked for the company. The company has grown significantly, however our relationship has crumbled. I simply can't work with him any longer and can't stand his lack of irresponsibility toward his duties. What are my options? Can I fire him since he is not legally and owner? Since she has made no investment in the company can I revoke her shares? Any advice is welcome. Incorporated in IL.
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