Minority shareholders of small closely held New York corporations are sometimes subject to wrongful acts of their majority partners and shareholders. That is‚ with voting control majority shareholders make decisions based on their own personal interest and not the interest of the company.
When faced with a partner and controlling shareholder who is misappropriating business assets or entering into agreements (such as employment agreements with family members) that are not in the best interest of the company your best course of action may be to file a petition to dissolve the corporation.
In "Important Remedy Available to Minority Shareholders of a New York Corporation: Judicial Dissolution" I discuss the remedies available to minority/twenty-percent shareholders and the grounds for dissolution.
We offer a wide variety of resources concerning partnership disputes in New York and New Jersey such as:
Category: Partnership Disputes
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