Legal Question in Business Law in Texas

Your attorney question is not clear. Does your S-Corp have a partnership as a shareholder or just individuals? Assuming just individuals, in the absence of an established buy-sell agreement providing for buyout of one or more shareholders, unless that shareholder wants to sell to you, he or she will remain a shareholder indefinitely. You can't vote shareholders out of a corporation, and as the controlling shareholder you have certain fiduciary duties as well. Consult with an attorney in your area for specifics.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

Based on the question you have asked, there is not a clear and definite response. S Corporations can be established and set up in a multitude of variations. More specific facts would be required and disclosed prior to any suggestion of how to get to where you want to. Additionally, purusant to the TX Business and Commerce Code there are specific rights and duties that persons of a S Corp will have and owe to each other. You should consult with a local law firm to ensure that you are protecting your rights and interests.

The above response given is not intended to create, nor does it create an on-going duty to respond to questions. Additionally, the response does not form an attorney-client relationship, nor is it intended to be anything other than an educated opinion. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.