Jacksonville, FL asked in Contracts and Business Law for Florida

Q: Does 607.0102 require participation by all owners or can the majority owner act on this?

There are multiple owners of a school and one of them from the beginning was a financial contributor but has since been inactive and is not staying in contact, after multiple attempts. The remaining owners are active in the operation of the business and in constant contact regarding business related decisions.

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2 Lawyer Answers
Keith Kanouse
Keith Kanouse
Answered
  • Boca Raton, FL
  • Licensed in Florida

A: You could have a special meeting of the shareholders after written notice to all shareholders as provided in your bylaws or just prepare a written consent of your intended actions signed by the shareholders owning a majority of the issue and outstanding shares in accordance with Section 607.0704.

Martin George Prego
Martin George Prego
Answered
  • Miami
  • Licensed in Florida

A: Depending on the type of corporation, if a decision needs to be made, either a Special Shareholders meeting could be called or BOard of Directors (subject to the authority given to the Board). Also, in lieu of a meeting, a circular to ALL shareholders could be an alternative. In order to properly answer this matter, the articles, by-laws, and other corporate documents will be needed. I will be happy to assist you further. Please kindly visit my website to schedule a consultation: https://www.pregolawgroup.com

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