Legal Question in Civil Litigation in California
If you have over 55% ownership of an Incorportation type of company, do you have to inform the other parties you are buying them out?
3 Answers from Attorneys
Who says you have the right to buy them out at all? Normally you can't buy anything from anyone unless they agree to sell it to you. I suppose the articles of incorporation might somehow require them to sell their shares to you, but then you would have to look at those articles to find out how to make such a purchase.
Since they normally have to agree to sell their shares to you, I would assume you would need to communicate your desire to them to buy them out.
Just how would you propose the 'buy them out' without them knowing and agreeing to the terms?? You have no 'right' to buy them out without either their agreement or with a court order for appraisal and partition of the business. Sounds like you need to consult with an attorney that actually knows how to do these things, and if serious about trying to buy them out, having him help you. Feel free to contact me if serious about doing so.