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My dad was a 51 shareholder in a new California corporation,

he used a buyout form...
My dad was a 51 shareholder in a new California corporation, he used a buyout form to purchase for a 1 dollar the other 49 percent because the other shareholder had a difference of opinion on how the business was going to be operated. The corporation has no assets and was just recently incorporated.
The other shareholder, the one that got bought out, put his wife, a cpa, as all officers of the corporation.
I believe in California, my dad can make changes to the officers online ON ONE FORM and get a electronic copy of the changes. He wants to make himself the officers. Is that legal, since he is 100 shareholder? Does a non shareholder need to be the officers? Any concerns about the buyout?
form:
https://www.dir.ca.gov/dlse/regulation_detail/SI-200.pdf
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3/20/2017
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,834
Experience: 30 years of corporate, litigation and international law
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Hello, my name is ***** ***** 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.

Your farther can hold a shareholder meeting to elect himself as sole director. As sole director he can elect all new officers naming himself as President, Secretary and Treasurer. He does not need a non shareholder to be an officer. You can do a unanimous consent for both the shareholder meeting and the meeting of directors. Here is a form for the shareholder meeting.

https://www.allbusiness.com/asset/2015/02/3.3-Action-by-Written-Consent-of-Shareholders.pdf

Here is a similar form for the Board meeting.

https://www.allbusiness.com/asset/2015/02/5.3-Action-by-Unan.-Written-Consent-B-of-D.pdf

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

Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,834
Experience: 30 years of corporate, litigation and international law
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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