Legal Question in Business Law in Texas

Re: Ending an ''S'' Corporation ORsplitting up a 50/50 corporation

You don't necessarily have to take the deal offered you, if you don't want it. I do recommend your trying to negotiate something you can both live with and having your counsel paper it accordingly. If you can't work something out, then you have several options, though they may be more costly. Depending on what's going on, you can force a liquidation, or possibly have a receiver or trustee appointed. Alternatively, you can seek redress through the court system.

Re: Ending an ''S'' Corporation ORsplitting up a 50/50 corporation

There are no easy answers to this one, since there are actually three persons involved; you, your other shareholder, and the corporation itself. Assuming that there are only two directors, you and your compadre, you can deadlock the corporation and force a dissolution or a receivership. Or he can buy you out, or vice versa.

It's best to see what can be negotiated so both of you come as close to a win-win situation as you can. Anything else starts to get expensive.

You might give serious consideration to hiring a mediator and mediating the problem. That probably has about an 80% chance of reaching a successful conclusion for both of you.