Teague & Chambless, LLLP's attorneys are experienced in representing shareholders of small corporations who have chosen the corporate form to secure limited liability and protection against liability. Where a small number of persons incorporate to achieve protections from liability, there is substantial opportunities for the shareholders to become involved with disputes and controversies.
Closed corporations are companies that are either closed to the entry of new shareholders, like a partnership, or are companies that have made a special closed corporation election and are deemed statutory closed corporations under Georgia law.
Corporate disputes often arise due to conflicts over how who will share in distributions of profits. Also, shareholders often have disputes with one another regarding who will control the finances and day to day operations of a company.
Shareholders may also become embroiled in disputes over whether one shareholder can profit from business opportunities that should have been enjoyed by the company and shared with the other shareholders and the creditors of a company. Georgia law prohibits one shareholder from usurping the company's business advantages.
Court cases regarding corporation can arise as a direct action between shareholders, or can arise in the context of a derivative action. A derivative action is a claim brought against another on behalf of a corporation.
