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  1. #1
    Join Date
    Aug 2013
    Posts
    1

    Default How to Resign as CEO and from the Board of Directors of a Trouble Company

    My question involves business law in the state of: Delaware and operating in California. (Delaware C-Corp)

    Hello,

    I started a company early last year. We raised some money from investors for it. I am currently the CEO of the company, the largest individual shareholder as well as the Chairman of the Board of Directors.

    The business model of our company failed and we decided to let all employees go early this year. I have been without a salary since that time.

    Since early this year, the Board asked me to find a buyer for the company which I did. Now, because the struggling company is not the highest priority for the Board members, they are not moving fast enough and delaying acting upon the transaction so much so that the potential buyer is now thinking of walking away.

    The only other option for the company is bankruptcy and unfortunately and ironically, the company does not have any money to even file for it. The company also owes me money.

    In the event the potential buy walks away due to the lack of response from the Board to act on the sale, I would like to resign from all aspects of the company. I have tried my level best to save the company (and its documented).

    My question is: Can I resign from the company at this point as the CEO and Board member? If so, what is the right way of doing it? I am fine with giving up the rights on the Board of the company.

    Thank You

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How to Resign as CEO and from the Board of Directors of a Trouble Company

    If you believe that litigation may lurk in the future, you should discuss your situation in detail with a business lawyer in your state.

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