Legal Question in Business Law in Ohio
Purchasing Shares in a Corporation
Can the majority stock holder of a company use corporate funds to buy out two of the three minority stock holders? If so, how would the stock be distributed between the two? At the present time, the majority stock holder has 750 shares and each of the other three minority owners has 250 shares.
Asked on 5/21/07, 11:20 am
1 Answer from Attorneys
Robert Rosplock
Rosplock & Perez
Re: Purchasing Shares in a Corporation
If the corporation has accumulated earnings, these funds could be used for the corporation to buy back the shares. The three minority shareholders could block this action. If this did go forward with two being bought out, 500 shares would be redeemed. There would then be one shareholder with 750 shares, and one with 250.
Answered on 5/21/07, 12:41 pm
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