My boss is selling 50% of his company to another party and hasn't informed the shareholders, is this legal? My boss will technically still be the co-owner apparently, but is it legal to just sell the company out from under these people who technically own some part of it? I'm not totally sure how this process works, but apparently all the paperwork is being filed currently and once somethings change hands it's done (they said 30 days or so). How can someone do that legally? I thought being a share holder meant you had the right to that sort of information???