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?
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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.
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.
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.
ALLawyer, Expert
no, he cannot sign over the whole company to you without your signature or permission
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
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
ALLawyer, Expert
only after that can the corp file for notice of intent to dissolve the corporation
ALLawyer, Expert
if the company cannot pay its creditors and suppliers, it might need to file for bankrutpcy
ALLawyer, Expert
if there are funds left over, yes
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.
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