Within how many days must management act to buy out and avoid dissolution?

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Multiple Choice

Within how many days must management act to buy out and avoid dissolution?

Explanation:
When a close corporation faces a deadlock among management, the remedy to keep the company going is for management to buy out the other shareholders. The law provides a short window for this: within 90 days to complete the buyout. This quick deadline helps avoid the ongoing harm of a stalemate and preserves the business. If the buyout isn’t completed within that 90-day period, dissolution can be pursued because the deadlock persists. The other timeframes are not the standard window for this remedy.

When a close corporation faces a deadlock among management, the remedy to keep the company going is for management to buy out the other shareholders. The law provides a short window for this: within 90 days to complete the buyout. This quick deadline helps avoid the ongoing harm of a stalemate and preserves the business. If the buyout isn’t completed within that 90-day period, dissolution can be pursued because the deadlock persists. The other timeframes are not the standard window for this remedy.

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