Legal Question in Bankruptcy in New York

Re: s corp bankruptcy

A 50/50 ownership split of a corporation or LLC is a complete and total disaster because no one has the majority interest and there is no way to get a majority in the event of a disagreement, such as whether to file for bankruptcy protection.

The answer to your question may lie in your shareholders' agreement; check that document first. If there's nothing in there about how to handle disagreements between equal shareholders (and there may well not be), you can do one of several things (filing a bankruptcy petition over the objection of your partner isn't one of them, though).

You NEED a lawyer who practices both bankruptcy and business law. Feel free to contact me if I can be of service to you.

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