What to do if my 2 partners and I own small business S-Corp but because we have disagreements we want to close the business?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if my 2 partners and I own small business S-Corp but because we have disagreements we want to close the business?

If one of the partners and I own 66.66% of the company, can we dissolve the company without having the other partner agree? Also, the partner that does not agree paid himself more in the end of the year but he owns only one third of the company just like the rest of us, can we make him pay the money back to us equally?

Asked on February 11, 2014 under Business Law, Massachusetts

Answers:

Michael Goldstein / Goldstein and Clegg

Answered 7 years ago | Contributor

In order to determine what rights you and your partners have, you really need to revisit your articles of incorporation and corresponding bylaws.  It might also make sense to schedule a consultation with a small business lawyer in your area.  Many of us to offer a free or reduced fee consultation for the first 30 minutes.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption