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Barrister, Attorney
Category: Legal
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Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I am a retired 50% corporate busines share holder. No buy out

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I am a retired 50% corporate busines share holder. No buy out agreement.I have a will leaving my shares to a daughter that is not involved in the busines.
I am told by the other share holders that the Corporation has power over my will after my demise.

Is that the law?



The corporation would not have power over your will when you pass. You have the absolute right to leave your personal property to any beneficiary you choose. With that said, there might be something in the restrictions of the company issuing the shares that gives a right of first refusal in the event that the shareholder decides that they want to sell their shares. If the remaining shareholders can't agree on a price to purchase the shares for, the selling shareholder can bring a suit for "partition" which is basically a court ordered sale. Partition is an absolute right as a sharholder wanting to "cash out" can't be forced to remain an owner.








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