This is concerning Texas Law.
I own a corporation that has not been profitable over the last 4 years. I have loaned the corporation over 140,000 (to pay back-taxes, inventory, payroll, etc.) However, I did not make any formal loans to the corporation, rather I would simply pay things from my own bank account, as opposed to making an official loan.
Now, I am wanting to dissolve the corporation, however, there is another shareholder who owns 30%. He is suing me and claiming damages and wants to be bought out. Here is my question, if the corporation has made no money, and if the corporation is in debt (to me the president), does he have any claim at all? Now, the Corporation owns the building and some machinery, could he force me to sell the building?
I want to simply dissolve the corporation and get rid of him as the shareholder and then create a new entity and try to start the business again. Any advice would be greatly appreciated.
I own a corporation that has not been profitable over the last 4 years. I have loaned the corporation over 140,000 (to pay back-taxes, inventory, payroll, etc.) However, I did not make any formal loans to the corporation, rather I would simply pay things from my own bank account, as opposed to making an official loan.
Now, I am wanting to dissolve the corporation, however, there is another shareholder who owns 30%. He is suing me and claiming damages and wants to be bought out. Here is my question, if the corporation has made no money, and if the corporation is in debt (to me the president), does he have any claim at all? Now, the Corporation owns the building and some machinery, could he force me to sell the building?
I want to simply dissolve the corporation and get rid of him as the shareholder and then create a new entity and try to start the business again. Any advice would be greatly appreciated.