barryjhealy
Junior Member
Live in South Dakota. Have a question about the actual right to exert ownership rights on property that one is a shareholder of. Property is owned by a S-Corp and a shareholder is trying to say that he owns property that has been deemed fit to be demolished due to liability concerns. Property is rented out and a majority of the shareholders as well as Directors feel it to be a huge liability due to its dilapidated condition. They have filed a cease and desist order to try and stop because they state that they own an interest in the property and according to SD law it takes approval of all interested parties to proceed. Is this right?