What can be done to remove a director/owner of an S-corp?

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What can be done to remove a director/owner of an S-corp?

The corporation consists of just 2 directors; each owns 50% of the shares. One director is continually taking out unauthorized loans and violating the by-laws.

Asked on August 23, 2014 under Business Law, Utah

Answers:

Shawn Jackson / The Jackson Law Firm, P.C.

Answered 9 years ago | Contributor

On the assumption that there is no shareholder's agreement that addresses a 'deadlock" provision...and on the assumption that you two are not getting along, I would initially suggest that you contact one of the many low cost or free business dispute mediation services. If you cannot locate one, feel free to contact us for more information on locating a low cost or free mediation service.

Shawn Jackson - Business Development Attorney


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