T
tbyrd2001
Guest
I am a 60% shareholder in a Texas corporation I formed. At the beginning of this year I took on two investors (20% each). We formed a Limited partnership with the 3 owners as limited partners with the corporation as a 1% general partner. We are all directors of the corporation. Recently the other two partners decided they wanted control of the corporation. They voted to remove me as President and voted one of them to be President. Denying me any involvement in day to day operations.
My question is if I want back control of my company what steps do I take. Can I as 60% shareholder call a special directors meeting to remove and elect all new directors. I am thinking that i could elect to add two new directors bringing the total directors to 5. My partners/investors have cumulative voting rights. Am I right in that they would elect themselves with their votes and I would elect myself and two directors then I would have 3 votes to their 2 and could then regain presidency of the corporation. How do I go about removing the current directors and electing new directors.
My question is if I want back control of my company what steps do I take. Can I as 60% shareholder call a special directors meeting to remove and elect all new directors. I am thinking that i could elect to add two new directors bringing the total directors to 5. My partners/investors have cumulative voting rights. Am I right in that they would elect themselves with their votes and I would elect myself and two directors then I would have 3 votes to their 2 and could then regain presidency of the corporation. How do I go about removing the current directors and electing new directors.