§ 8110 Corporate Reorganization Proceedings

• •If a company needs to reorganize (like changing how it works or who owns it), there are special rules to follow.
• •These rules are in Chapter 14 of the law, and they apply even if the company is not a typical one with shareholders.
• •The word 'shareholders' in Chapter 14 also means 'members' of the company, so everyone involved is covered.

A small local business wants to change how it’s run, like who makes decisions or how profits are shared.

The business must follow the rules in Chapter 14 of the law, even if it doesn’t have shareholders. The rules will treat the owners or members of the business the same way as shareholders in bigger companies.