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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10639
Experience:  30 years of corporate, litigation and international law
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Hello. I have a Small business wich Is inc. I Own 50%, other

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Hello. I have a Small business wich Is inc.
I Own 50%, other person 33% And The last
One 17%.
This business Is Staring To collect money From
All The effort we did in The past but we all
Fighting and not working as should. I want
To stop this situación And just give Up because
It Is affecting My pregnancy. Can i decide To just
Stop working And disolve this corporation??? I dont
Want to pay Another month Of rent If this Is not working anymore The other two people dont take Any desitions they say Lets wait because One Is leaving For a month...?? Thank you

bizlaw :

Hello, I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. Is there a shareholder agreement saying how the company will be operated? Will either of the other two agree to dissolve the company? What is the nature of the dispute you have about the company?

Customer: Is not specifications Of What each will do.. We just made our Own rules that have being change
Customer: allchange all The time.. The other share holders dont decide What To do And this Is about time because
Customer: i dont want To pay another rent month Ana keep working just because they dont Make their minds. Do i have The right to take some desisions If i Own The 50%??
bizlaw :

If you owned more than 50% you would control the corporation. If the other two oppose your decisions such as who is on the board of directors the corporation is in deadlock. However, in direct answer to your question, as the owner of 50% of the shares, you have the power under CA corporation code 1900(a) to vote to dissolve the company and cease operations. You do not need the agreement of either of the other two people to take this action. If I have answered all your questions, please rate my answer excellent as that is how I am compensated. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Customer: So you saying that is not necesary To Own 51% To have The final desicion , you said owning 50% Is enough For me to
Customer: decide that this Is not working And stop operations And disolve The corporation..???
bizlaw :

Just for purposes of dissolving the corporation, you only need 50% of the stock not more than 50%. You have the power as 50% owner to dissolve the corporation without the agreement of the other shareholders.

Customer: ?
Customer: Thanks so much. Is a website you recomend that i can read a bit more about this And code 1900(a). ??
bizlaw :

California Corporation Code section 1900(a) is the law that gives you the power to dissolve the corporation. If I have answered all your questions, please rate my answer excellent as that is how I am compensated. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Customer: One mote Question. Can i decide to take all The money From The business account And split it in percentajes or that can be mistaken as stilling?
bizlaw :

When you dissolve the company you must first make sure all the bills are paid. Then what is left can be divided among the shareholders in accordance with their percentage ownership. If you decide to shut down tomorrow, for example, you would put aside enough money to pay the bills and the filing fees to dissolve the corporation. Once you have set that aside you can distribute the rest of the money based on the percentage of stock each stockholder owns.

bizlaw :

If I have answered all your questions, please rate my answer excellent as that is how I am compensated. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Customer: Thanks so much
bizlaw :

You are welcome

Richard - Bizlaw and 4 other Business Law Specialists are ready to help you
Hi I was just following up to see how you made out. If you have any additional questions or I can help on a different topic let me know.

Bizlaw