Legal Question in Business Law in Georgia

S-Corp partner gone

I am a 50% owner of an S-Corp and another person has the other 50%. There were several disagreements and the business suffered. He then decided to move out of state and I no longer know where he is. He resigned his position as an officer of the S-corp leaving me to run it myself. There is no money for disbursement and I am barely covering the bills. Before he left he was actively doing things to make the situation worse. Is there anything I can do to be rid of him?? I dont even know what state he is in


Asked on 12/01/08, 8:48 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: S-Corp partner gone

Many of the answers to your questions should be found in the internal documents of the company, e.g. by-laws, shareholder agreement. However, if the other shareholder has truly abandoned the company, it would be up to you what to do with it. You may want to dissolve it. Speak with a local business attorney and relay all of the facts and provide the company documents.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

Read more
Answered on 12/02/08, 10:41 am


Related Questions & Answers

More Business Law questions and answers in Georgia