Legal Question in Business Law in Virginia
Corporate issues
This company was formed with a verbal that stock would be issued 50-50 between 2 owners. I hold all necessary licenses personally and the other owner does not wish to conduct business any more. He wants to close the Corporation and I do not. Need to figurer out how to go about getting full control of the company. This is all over a who we want to have responsible for paying the bills and who decides how much to pay on what. I need your input.
2 Answers from Attorneys
Re: Corporate issues
It sounds as though you may want to buy the other shareholder out. This can be done in a number of ways. I suggest you contact an attorney to discuss specifics.
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Robert J. Strupp
Attorney at Law, PLC
Re: Corporate issues
This sounds like an appropriate situation in which
to have an attorney help you out, and I would be
happy to do so. After billing $200 per hour in
law firms where I have worked, I have chosen
to keep my rates low at $125 per hour by not
maintaining an expensive office.
At this point, your question leaves a lot of things vague and uncertain. Thus, a lot more needs to be clarified before one can truly help you.
It sounds like what you are saying is that NO stock has yet been issued, but it was supposed to be. It would be important to determine who are the board of directors and who are the officers. If no meeting electing a board was ever held, then the articles of incorporation creating the corporation would control as to who can vote on these issues.
The other person would probably have no power to
close the corporation, and therefore if he wants
to leave he would probably have to agree with
your plans to move him out of the corporation.
I would suggest reviewing this situation with
an attorney, and I would be open to helping you
on this.
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