My question involves business law in the state of: California
The CEO wants to leave the company and remove his name from the corporation, or close it down. The CFO/investor is threatening that if the CEO leaves or closes the corporation, CFO won't pay the employees and will leave the employees to sue the CEO and be responsible for everyone's pay.
Other (complicated information):
The CEO has no shares.
The CEO of company A is hired by company B. However, company B does not pay the employees or the CEO of company A. The CFO write the checks from company A and pays the employees and the CEO.
Owner of company B is just another investor of company A.
Company B "hired" company A so that the CEO of company A has a contract to sign based on duties, salary, etc. and would have to give notice before leaving the company.
Is this a valid threat? Who is legally responsible for everyone's pay?