If a person owns 50 % of a corporation's shares, all that really does is give him/her the right to cast 50% of the votes when it comes to electing the board of directors
who in turn then elect the officers that are going to run the corporation. So, if for example, you control 50% of the shares and vote ytour self to be on the board, and if the other 50% of the shareholders vote for someone else to be on the board, then you really do not have control of the corporation.
If you happen to own 50% of the shares and have somehow been made the president of the corporation , then you may have the right to run the day to day operations. But this has nothing to do with assuming all the debts and liabilities as those belong to the corporation not the individaul shareholders.
The president can run a corporation but if the shareholders or the board of directors do not like the job he is doing they can vote him out or fire him.
As to dividend payouts, you have to look to see what the bylaws
and the corporate resolutions say about what percentage of the votes are required before a dividend payout is passed.
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