QUESTION

Is there a way relinquish founder's stock or force the company to take it back?

Asked on Apr 15th, 2015 on Corporate Law - California
More details to this question:
I was a cofounder of a Delaware C corporation. There was a falling out on the founding team about some questionable business dealings. Several of us resigned, but are now concerned that the remaining shareholder is creating liabilities that might come back on shareholders such as unpaid taxes, etc. We'd like to be done and clear of any relationship with the company, but we do not hold enough stock to to force an action by written consent of the shareholders. Any ideas on how we can cut any relationship we have with the company and its actions?
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1 ANSWER

Business Transactions Attorney serving Los Angeles, CA at Doland & Fraade
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In a validly created and existing corporation, the "owners" (shareholders) (or former shareholders) are not personally liable for the debts of the corporation unless they signed personal guarantees. 
Answered on Apr 20th, 2015 at 10:35 AM

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