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OrdinarilyAliveHuman OP t1_iybyyym wrote

Reply to comment by WeDriftEternal in ELI5: If a company is public and a person owns 75% of the shares, can they be kicked out/fired by other board members? by OrdinarilyAliveHuman

Thanks for the response! I saw another comment that was also interesting. Assuming 1 share is 1 vote, would you still be able to loose your position/title in the company? If so, how?

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WeDriftEternal t1_iybzfa7 wrote

You would be able to win any vote. So it would have to be something other than that, like doing illegal things that may force you out or perhaps other shareholders doing nefarious things purposefully causing harm or crazy shit.

Pretty much when you get into these situations, some weird or illegal stuff needs to happen to push you out involuntarily.

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OrdinarilyAliveHuman OP t1_iybzmf2 wrote

Ah, so is that some legal process or does it happen within the company internally? There would have to be some independent arbiter, right? Otherwise they could just make something up to kick you out if they so choose to.

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WeDriftEternal t1_iybzv5i wrote

Companies lay out their rules in a document that says "these are the rules". Its generally pretty standard corporate stuff, of course, these rules can also be changed, especially by the person with the most votes... There isn't some independent authority, the company is in control of its owners, outside of any govt regulatory body rules to be followed.

By legal process, I mean, if you're doing illegal stuff you may be able to be kicked out, its all a case by case basis.

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