Legal Question in Business Law in Texas
closing down a corporation
can one director of a newly formed corporation suddenly change his mind and force the closure of the corporation without the permission of the two remaining directors? what rights do the two directors have to fight the closure
Asked on 11/02/06, 11:30 am
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: closing down a corporation
It all depends upon how far along the corporate structure has gotten. If no shares were issued, or no organizational meting held, one director may well be able to shut things down.
Get with a lawyer that's familiar with business formation ASAP.
Answered on 11/13/06, 5:46 pm
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