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talldave143 | Can a 70 percent shareholder/officer, fire a 30 percent shareholder/officer? |
can a corporate officer be fired? |
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pvtnvstr
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There are two issues - one is ownership and the other is employment.
Employment: It depends on the shareholder agreement. In the absense of a shareholder agreement, the laws of incorporation in the state where the business is incorporated (not located) will determine the shareholder rights. Assuming usual circumstances, anyone with 50.1% of the shares of a company can elect the board of directors. The board of directors then names the corporate officers - president, vice president, treasurer and secretary - and establishes the corporate bylaws (the rules by which the corporation operates). Unless prohibited by the bylaws, the president can fire any employee of the corporation without cause.
Ownership. The 30% shareholder retains its ownership in the company (again, unless there is a shareholder agreement that stipulates otherwise). |
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cpd401
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A corporate officer can be fired (and it happens frequency), however if the position is a 'board elected' position (like CEO) it usually takes board approval to terminate that person's employment. Depending on the bylaws of the corporation, the 70% shareholder may be able to control the BOD's vote.
A shareholder cannot be fired and may be entitled to certain rights as a minority shareholder (depending on the corporation's bylaws and the laws of the state in which it was incorporated), however ... 70% is likely to win in most corporate actions.
If these are shares of a partnership rather than a corporation, then you would have to refer to the articles of partnership as the first stop in resolving a dispute. |
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Monty
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If one owns 70% and the other 30%, then aren't there only two shareholders anyway? I believe this would be called dissolving a partnership which is usually done with one party buying out the other or total dissolution of the business. |
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augy30
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can ,,,,,,,,,70 win
corporate officer be fired?still can ,,,,,,,,or sent to another departement |
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Dwight D J
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they could fire the 30% shareholder from a position, but the 30% shareholder would still own 30%....can only end that by buying out the 30% |
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