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corporate dissolution

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1tm1

Junior Member
What is the name of your state?ga

I have 3 partners 1 of which has left the company voulutarily, he wants to be bought out or he is threatening to dissolve the corporation. His grounds are that we did not have formal corporate meetings although we had many meetings
to discuss any major decisions or plans. We are not a large company, only 10 people.
 


divgradcurl

Senior Member
1tm1 said:
What is the name of your state?ga

I have 3 partners 1 of which has left the company voulutarily, he wants to be bought out or he is threatening to dissolve the corporation. His grounds are that we did not have formal corporate meetings although we had many meetings
to discuss any major decisions or plans. We are not a large company, only 10 people.
So, what's your question?
 

1tm1

Junior Member
Is this possible?

Is it possible for him to dissolve the coporation soley on the lack of yearly corporate meetings?
 

divgradcurl

Senior Member
1tm1 said:
Is it possible for him to dissolve the coporation soley on the lack of yearly corporate meetings?
Maybe. Failure to follow ALL of the required corporate formalities may be sufficient for him to get a judge to agree to dissolve the corporation and appoint a receiver. It doesn't matter if you are a small company or a large company -- if you don't follow all of the formalities required by your state's laws, you can find yourself without a corporation (or worse, without the protections you thought you had). If you are not already working with an attorney, you should be so that you can try and cure any defects in your corporation.
 

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