Since we are a 50/50 stock holder we are under the impression that we can force the sale of this company through the court system if we have irreconcilable differences. Is this correct?
Optional Information: Country relating to Question: United States State (if USA): California
Thank you for posting your question to JA/Pearl. Legal questions often take time for research or I may be offline so please be patient, I will reply.You can file in court and ask the court to order a judicial dissolution of the company. The court can fashion an equitable remedy other than closing the company and selling the assets. Such an equitable remedy would depend on the specific circumstances. Normally the court would order the company closed and everything sold and divided but the court may have other options. The problem with fifty fifty is that it is essentially a deadlock, one cannot outvote the other. I am assuming that there is no operating or buy sell agreement. Usually the best way is to make a an offer that you will buy their share or sell them your share at the same price. If you have a followup question you can give a positive rating and still continue
Experience: Actively practicing trial attorney