Daniel S. Galligan's Answers

I have 7% share of an s corp, Can majority force me to sell my shares back to them?

Unfortunately, I need to answer this question with another question: Do you have a buy/sell or shareholder agreeement? Assuming that you do not have a buy/sell agreement in place, then: 1. You probably cannot be forced to sell your shares (you'd want to confirm that with the laws of whatever State that you're in, but generally, absent an agreement you can't be forced to sell your shares); and 2. unless there is some type of agreement requiring the corporation to make cash...

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I'm inheriting my Dad's business and undesirable business partner, can I force a buyout?

Do you have an existing buy/sell agreement? If the business is an LLC, buy/sell provisions may be incorporated into the LLC's Operating Agreement. If there is a buy/sell, I'd carefully review it to see if an appropriate mechanism already exists for either selling your interests or purchasing the interests owned by the undesirable partners. Absent a buy/sell or other contractual arrangement between and among the owners, you'll need to rely upon state law. The laws will differ by state, and...

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Who do i contact if my emplyer is not paying me my severnce as aggreed?

I would contact your former employer to ask why your not being paid your severance...it may be that it's simply due to a clerical error. If the employer still fails to pay after such contact, I'd consider bringing a copy of your severance agreement to your lawyer's office for review.

Can one 50% owner of an S corp close the S corp without the other 50% owner's consent?

B is in a tough spot because of his/her personal guaranty of the corporation's obligation. "Closing" the S corp wouldn't relieve B of its obligations arising as the result of the personal guaranty...you'll need to carefully review the note, personal guaranty and any security agreements regarding A's available recourse upon default of the note. If S corp and B are both insolvent or otherwise available to pay, then B will probably be best served by approaching A to renegotiate the terms of the...

Want out or want to take over a 50/50 llc. which my names not on(verbal agreement) Please help!!!

Most states have LLC statutes that, in the absence of a written LLC Operating Agreement, serve to operate as a defacto LLC operating agreement. You'll need to check your state's statutes (in Wisconsin, you'd look at Chapter 183 of the Statutes). Per the statutes for instance, you may be able to move for a judicial dissolution of the LLC in the event that you cannot get your partner to purchase your interests or he won't sell to you. For example, you can move to have the LLC dissolved and...

In North Carolina, does it take 3 or more people to incorporate?

I don't profess to know the laws of the State of North Carolina, but most state's laws require only 1 shareholder for purposes of incorporation.