Can a Majority Shareholder Incorporate a New Company Without the Minority Shareholder
My question involves business law in the state of: Minnesota
My business partner is moving from Minnesota to Florida and has hinted he may try and incorporate the company there. We are an S-Corp in Minnesota. He owns 51% I own 49%. Can he legally do this without out my approval. According to our articles he would need a 55% vote to make any Corp. changes.
Thanks!
Re: Can a Majority Shareholder Incorporate a New Company Without the Minority Shareho
Unless there's a contractual reason he cannot do so, he can start as many businesses as he chooses. That's not a change to the existing business.
If he tries to transfer the business operations of the existing business to his new company, that's another matter entirely.