OfflineI made a corporation for real estate investments with two partners a few months ago. One of my partners is not cooperating with anything to grow the Real Estate Company. My other Partner and I have agreed to brake him off from the corporation but we want to know is there any contract that I should use for this type of problems. any advice would be greatly appreciated.
Thank You.
__________________
if anyone has an idea please share if you can. Thank You.
Since a corporation has stock, if one person wants to leave you can either buy his stock from him at a nominal price, or just let him keep the stock and not allow him to be involved. The other two people can vote to not have him involved by so voting in a shareholder's meeting. But it is better to get rid of him by buying his stock.
If all of you want to dissolve the corporation, then you need to go to an attorney to see about what needs to be don. You may be able to go to your state's government web page and look under Department of Corporations, or it may be Division of Corporations and search for dissolution of corporations. They may have instructions on how to do it.
If you are going to dissolve it, you will need to do a final tax return.
Limited Liability Companies are so much easier, you should consider that entity next time.
Thank You. This are really helpful. i think we will buy him out.