RickyRicardo
New Member
I am a Shareholder of an S Corp in California. There is one other Shareholder and we each own 50% of the stock of Corporation. We are both Directors of the Corporation. The other Shareholder is the President and I am the Secretary/Treasurer. I do 95% of the work for the Corporation and have done so since the start of the company 2 1/2 years ago. Both Shareholders receive an equal salary despite the percentage of work done. We also have two full-time employees. We also have a Buy/Sell Agreement between the two of us that covers what happens if either us die or leave the Corporation for various reasons. My questions: Can either Shareholder fire the other Shareholder? If one Shareholder is no longer interested in continuing in the Corporation how much notice should be provided to the Corporation and remaining Shareholders? (This issue is not covered in our Buy/Sell Agreement) If one Shareholder can fire the other, would the Shareholder still be entitled to their salary as 50% owner?