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Can one owner who owns 85 of a company fire the other owner who owns 15 of the company even though they are partners in the company for Michigan?
Wiki User
∙ 16y ago
They can't 'fire' the other person but, legally they can take over the company if they own at least 51% of the stocks.( a stock is a small part of a company in wictch 1 person can buy to own part of a company) Answer
They certainly can fire someone if they are the majority owner, That's what happened to a friend of mine who was a member of management at RJR Nabisco, Henry Kravis and his company KKR bought the company and then came in fired the company's CEO Ross Johnson and members of management including my friend. He has been unemployed ever since, Not much call or openings for a Vice President these days.
Wiki User
∙ 16y ago
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