Legal Question in Business Law in Tennessee
Is it possible after a call for capital to completely remove shares from shareholders who wont pony up the money and who have also been inactive for over a 1 year period due to personal differences with the other shareholders?
Asked on 2/19/11, 10:46 am
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
As a Franchise Attorney I can say this. Normally, shareholders are under no duty to contribute additional capital beyond what they've already paid for their shares. Of course all corporate documents, bylaws, etc. need to be examined. 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
Answered on 2/19/11, 4:09 pm
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