My jurisdiction is: Florida
Question: Can one 50% owner of an S corp close the S corp without the consent of the other 50% owner?
Background: Owners A and B of an S corp are 50/50 owners and A is suing B for a loan A made to the S corp that was personally guaranteed by B. B would like to close this S corp and start another business in her name alone since A is not contributing any funds or labor to the S corp. In other words, B does all of the work, takes all of the financial burden and A just keeps threatening B with lawuits for nonpayment of the personally guaranteed loan. B was making regular payments (roughly 2-3 years worth) until the economy went south over a year ago. Since the loan is personally guaranteed, B would rather sever ties with A and work on paying this loan back personally. She needs to know if she must have A's consent to close the S corp.
Question: Can one 50% owner of an S corp close the S corp without the consent of the other 50% owner?
Background: Owners A and B of an S corp are 50/50 owners and A is suing B for a loan A made to the S corp that was personally guaranteed by B. B would like to close this S corp and start another business in her name alone since A is not contributing any funds or labor to the S corp. In other words, B does all of the work, takes all of the financial burden and A just keeps threatening B with lawuits for nonpayment of the personally guaranteed loan. B was making regular payments (roughly 2-3 years worth) until the economy went south over a year ago. Since the loan is personally guaranteed, B would rather sever ties with A and work on paying this loan back personally. She needs to know if she must have A's consent to close the S corp.
