Corporate Law
I'm a 1/3 owner of a newly formed corporation and have found one of my "partners" to be incompatible. I would like to buy him out, but I anticipate resistance. The other "partner" feels that this would be a good move as well. What are the legal parameters in ousting a bad egg?
Asked on 6/10/99, 1:14 am
2 Answers from Attorneys
Daniel Meek
Daniel W. Meek
Re: Corporate Law
It depends on what your corporate bylaws say. If you have not adopted bylaws that allow the majority of owners to buy out a minority owner, then the majority owners should adopt such bylaws.
Answered on 6/15/99, 2:16 am
Michael Zusman
Evans & Zusman, P.C.
Re: Corporate Law
This can be a fairly touchy issue, as you can imagine. What, if anything do your bylaws say? Do you have a buy/sell or shareholder agreement? I hesitate to give advice without more specific information. What you wish to do can be done, but must be done with care. Good luck. Feel free to contact me if you wish.
Answered on 6/14/99, 6:38 pm
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