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Does a shareholder in an S Corpration with 75 percent of the shares who is also the president of the S Corporation need consent of the other 25 percent to declare bankruptcy in the state of IL?
Wiki User
∙ 14y ago
A shareholder can declare personal bankruptcy whenever he wants. If the S-corp is declaring bankruptcy, only a simple majority is required (51%) before action can be taken. Do you need consent of the other shareholders? That depends of what your articles of incorporation say.
Wiki User
∙ 14y ago
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Uni-President Enterprises Corporation was created in 1967.
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