Legal Question in Business Law in Illinois

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.


Asked on 10/14/11, 5:14 pm

2 Answers from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

This is a mess and far beyond the scope of a help web site. You need to see a local attorney.

Read more
Answered on 10/15/11, 12:31 pm
Thomas Moens Moens Law Offices, Chartered

This is one reason why "saving a few bucks" by setting up your own corporation can be a bad idea. I agree, you need to contact an attorney directly to help you sort out this mess.

Read more
Answered on 10/17/11, 6:42 am


Related Questions & Answers

More Business Law questions and answers in Illinois