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5/5/2009
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 58,118
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Customer reply replied 8 years ago
I am a 50% shareholder in an s corp. With the other 50% held by one other individual. I want to get out of this arrangement. What are my rights to get out of the s corp.? Can I remove 50% of the assets before the other stackholders takes them all and before any legal remedey is pursued? Thanks.

Tim
3 options:
1. sell from one to the other
2. if one cant be done, try to have a third party mediate a solution
3. if one and two cant be done, then one of the parties would commence a lawsuit to force the sale of the property and division of the proceeds. often the threat of such a suit makes options 1 and 2 become more successful as both sides realize that it expensive to litigate.
To find local counsel to represent you, see www.martindale.com
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Customer reply replied 8 years ago

Can you tell me if I can remove 50% of the assets (mostly Inventory) before taking this to court so that I ensure the assests are available to me when the court hears the case months from now? As I know the other shareholder will remove the inventory once I approach him about leaving the business?

NO. The assets belong to the corporation, not to you and withdrawals should not be done which could subject you to a lawsuit.   
Infolawyer
Infolawyer, Attorney
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