Legal Question in Business Law in California

Corporate Business

What is the name of your state? Calif.-

Following the Death of L.E. Ward in 1969, his widow, three chilren, and a grandson formed a corporation for the purpose of holdng the family farmlands. Leroy Ward controlled 50 percent o the orpoation,Ward Farms Inc. Throughout the life of the corporation, numerous conflicts exsisted between Leroy and other shareholders. The corporation had never declared a dividend..Several lawsuits were instituted amoung the shareholders concerning the corporation . Leroy had been enjoined from entering the property despite his control of 50 percent of the corporate stock. Leroy petitioned te court to dissolve the corporation on he grounds that it was deadlocked and its assests were being wasted.

Should the corporation be dissolved by the court????


Asked on 6/07/08, 9:14 pm

2 Answers from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Corporate Business

Ward Farms, Inc. was formed in December, 1938. What is this, law school homework? We aren't supposed to help students do their assignments. Also, questions should not contain personal names.

Read more
Answered on 6/07/08, 10:21 pm
Arkady Itkin Law Office of Arkady Itkin

Re: Corporate Business

Yes. Judicial dissolution is a proper remedy when the officers of the corporation are deadlocked, which adversely affects the efficient operation of the business.

Read more
Answered on 6/07/08, 10:35 pm


Related Questions & Answers

More Business Law questions and answers in California