If a shareholder in a Florida S-corp dies, can the remaining shareholders vote shares or does if have to go through probate even if no will and if more liability than asset in corp.?
Asked on 7/30/12, 11:35 am
2 Answers from Attorneys
If it is a probateable asset (and it appears to be), then it needs to go through probate.
Answered on 7/30/12, 11:44 am
Sanford M. Martin
Sanford M. Martin, P.A.
If the remaining shareholders have a quorum and it doesn't violate a shareholders'
agreement, the remaining shareholders may vote to conduct corporate business. If
the value of the deceased's share is negative, as implied, the benefit of probate would
be doubtful if there are no other estate assets.
Answered on 7/30/12, 12:30 pm
