Can a person that owns 40 of a corp. pull out and take 40 of the assets?

Question

Can a person that owns 40% of a corp. pull out and take 40% of the assets?

Answer

If the paperwork says they can, they can. If the paperwork says they can't, they can't. Obviously if you have a corporation, you had a lawyer and a CPA assist you. They know what is in the paperwork. We don't since you chose not to tell us. Call your regular lawyer for an answer.

Answer

Unless there is some kind of agreement allowing you to do so, you cannot simply give back your interest and demand a portion of the current assets. If there is such a document, look to its terms. If not, you can try and negotiate a of buy-out with the other owner(s).

If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.