What are my rights as a 45% partner in a corporation?
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What are my rights as a 45% partner in a corporation?
My partner who has majority control (55%) of the corporation has been absent from all business dealings, day to day functions (etc.) for the past 4 years. In a shift in her economic environment, she is seeking to bombard the office with new rules,and implications because suddenly she feels she can make the business for more profitable than I have in the past. Do I have any rights? Can I stop this?
Asked on January 9, 2012 under Business Law, Ohio
Answers:
MARK ROSENBERG / Law Offices of Mark L. Rosenberg
Answered 12 years ago | Contributor
This depends upon state law, your company's bylaws, whether you have any shareholders' agreement and other factors. You should hire counsel to help you sort this out. Minority shareholders have certain rights under the laws of most states but asserting them must be done in the proper way. You may want to offer to buy her out in order to avoid problems in the future.
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