Legal Question in Business Law in Georgia

Small C Corporation Family Business

-3 shareholders

-1 shareholder owns 50% of stock

-2 other sharholders owns 25% each.

If there is an impasse in voting on an issue, and it can't be resolved, what actions do we take to break the impasse? All three are officers of the corporation.


Asked on 4/20/08, 8:43 pm

2 Answers from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Small C Corporation Family Business

Generally, if there cannot be an affirmative vote, the issue cannot move forward. However, the company by-laws should determine how to proceed. If not, new by-laws need to be adopted.

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.

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Answered on 4/20/08, 9:26 pm
Charles W. Field Charles W. Field, Attorney at Law

Re: Small C Corporation Family Business

Your by-laws should have provided a way to break a logjam. If not, consult with a local attorney to discuss amending the by-laws, if that is even possible at this point.

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Answered on 4/21/08, 10:26 am


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