QUESTION

I'm 70 years old, i own 51% of the stock

Asked on Feb 27th, 2014 on Business Law - Texas
More details to this question:
Texas. Do I have the right to sell the business or close the doors without the 49% stockholders consent.
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1 ANSWER

Appellate Practice Attorney serving New York, NY
What do the shareholder agreement, operating agreement, bylaws, and/or certificate of incorporation provide?  If none of them speak to the issue, it would be governed by statute.  I am not familiar with the corporate laws of Texas (assuming that the business is incorporated in Texas; many businesses are incorporated in states other than where they operate), but most states require such drastic transactions to be approved of by a super-majority of shareholders, often 2/3.  If the shareholders are deadlocked, you should be able to petition the courts to dissolve the corporation.
Answered on Feb 27th, 2014 at 5:08 PM

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