Legal Question in Business Law in Kentucky
removal of minority owner in LLC
How can you remove an officer from a corporation if he owns 49% of the business without the individual's signature?
1 Answer from Attorneys
Re: removal of minority owner in LLC
The answer to this question hinges on what the bylaws of the corporation and the shareholder agreements say about the situation. Well-written corporate documents will provide a mechanism for removal of officers. It is not uncommon for the bylaws to specifically allow for removal of an officer by the Board of Directors. This, of course, would not change the individual's status as a 49% shareholder in the company.As long as an individual retains stock in a company, he or she is entitled to the privileges afforded to shareholders, including voting privileges and disbursements.
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