Legal Question in Business Law in Wisconsin

Corporate ownership

I am currently a 20% shareholders in an S-Corp. My father holds the other 80% - he virtually walked away from the business 5 years ago and I have run the business and built up the equity. Are there laws governing walking away and rights of the remaining stockholders. What would be due him?


Asked on 7/12/07, 2:35 pm

1 Answer from Attorneys
Thomas Schober Schober Schober & Mitchell, S.C.

Re: Corporate ownership

Unless there is a shareholder agreement, your father is not only still the 80% shareholder, but he has control over everything. You need to have a "heart to heart" meeting with him or you are just building up equity in something that will go 80% to him, with the potential that he will say you took something out of it that you weren't entitled to do, since your 20% gave you zero management rights. See an attorney before this gets worse.

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Answered on 7/13/07, 10:06 am


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