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Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I am 50% shareholder and CEO/President in USA. One other

Customer Question

I am 50% shareholder and CEO/President in USA. One other person is 50% shareholder of an S corp. The other person is stealing from the corporation. I have tried to negotiate with him. However, he is trying to run business as usual. What is the quickest
way to get him to stop and dissolve this corporation. I have zero interest in working with a liar.
Submitted: 1 year ago.
Category: Finance
Expert:  Shawn P Adamo replied 1 year ago.
You can notify the state that the company is dissolved.
Notify the bank to close your account.
Notify clients.
I'll offer you a call to discuss in detail what is involved and the steps If you are interested all you have to do is accept
Expert:  Lane replied 1 year ago.
This is incorrect.Look first to your articles of incorporation and bylaws (or art's of organization and operating agreement if you are an LLC ELECTING S-Corp taxation)As less than 50% Shareholder you likely don't have the right have the right to this automatically... If the governing documents mentioned above allow you to act unilaterally like this it's possible, but likely the state statute required a vote. ALSO, however, the state corporate law statute requires a director to act honestly and in good faith to achieve the best interests for the company. An example of a breach of this fiduciary duty is when a director uses company property for his or her personal profit, without the informed consent of the other directors. Suing for this breach allows courts in most states to force liquidation and division of assets
Expert:  Shawn P Adamo replied 1 year ago.
The above expert did not see that you are a 50% owner and are not less than a 50% owner
This is EXsCYLY why I offer a call. This way nothing gets misread
Expert:  Shawn P Adamo replied 1 year ago.
As a 50% owner you can do this. Also other things

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