Legal Question in Business Law in North Carolina
Small Business. Four owners..Two against two..three have same amount of shares one much less.. The first two (we voted) voted just themselves as president and vice president of the company as well as secetary and treasuer, also voted themselves as the only ones on the board of directors..They have since told us they we are only to appear at the annual shareholders meeting..Is this legal for them to hold all these positions and leave us completely out of any decisions?
1 Answer from Attorneys
As a Franchise Attorney I can say this. It's not possible to even begin to answer your question without a full examination of all relevant corporate documents. What kind of shares do the respective parties hold? What do the bylaws say? This is not a simple bulletin-board question. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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