I have questions about corporate low. Can you help me? ***AB. That's my first step. I have shares in a company and I am

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Hello I have questions about corporate low. Can you help me? JA: Hi. What state are you in? It matters because laws vary by location. Customer: ***AB JA: What steps have you taken so far? Customer: That's my first step JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you. Customer: I have shares in a company and I am a minority owner. The majority owner wants to close the company. I am wondering if he can sign the whole company over to me without my signature or my permission?

Answered by ALLawyer in 2 hours 1 year ago
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ALLawyer
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Jessica

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ALLawyer, Expert

Hi, my name is***** am a lawyer in Ontario and will be assisting you with your question today. Please be advised that I am answering from my cellphone, and if I do not respond immediately, I kindly ask for your patience.

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ALLawyer, Expert

Before we begin, please note that this discussion is for providing general information only. It is not detailed or necessarily specific legal advice, and is only for the purpose of helping you understand the nature of your situation from a legal standpoint and to discuss options. You should engage a lawyer/paralegal in your local jurisdiction if you wish to take any legal action going forward.

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ALLawyer, Expert

IMPORTANT: Please also be advised that I may be working or doing personal tasks while answering questions on JustAnswer, and as such I may not respond immediately. Your understanding is appreciated.

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ALLawyer, Expert

no, he cannot sign over the whole company to you without your signature or permission

Customer
Thank you for your answer.
Can he close company without my signature and what obligation he has about suppliers, government and me like shareholders?
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ALLawyer, Expert

the corporation can be dissolved by vote of shareholders OR directors (depending on how your articles and by-laws are set up), AND the company has no debts

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ALLawyer, Expert

if the corporation has debts, it must appoint a liquidator to deal with the assets and settle the debts as best it can

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ALLawyer, Expert

only after that can the corp file for notice of intent to dissolve the corporation

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ALLawyer, Expert

if the company cannot pay its creditors and suppliers, it might need to file for bankrutpcy

Customer
Okay
Since I am a shareholder, does he have an obligation to pay me because I am a minority shareholder
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ALLawyer, Expert

if there are funds left over, yes

Customer
Ok thank you for your time and help
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ALLawyer, Expert

You're very welcome. Hope I was able to give you a start.

Please be reminded that the advice provided here is for general information purposes only, and you should still consider retaining a lawyer for further assistance.

Thank you for using JustAnswer. Have a great evening! :)

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