What are the remedies for minority shareholders in closely held and family-owned business disputes?

One of the unique remedies for a minority shareholder is a court ordered buyout of their interest and so under Minnesota statutes there is, under both, the Limited Liability
Company Act, and under the Minnesota Corporation Act, the right, if the minority shareholder demonstrates oppression by the majority that the court will order a buyout and that is a buyout of their interest in what’s called fair value. That is fair value as if the entire company has been sold and so that is the most unique remedy.

Minnesota statutes and other states as well allow the court broad discretion to grant other equitable relief. It could require employment to be reinstated. It could require back pay.
It could even require the forced sale of the business and the distribution of the assets of the business. So there’s a lot of flexibility for remedies in this area, but the typical one is the one I talked about. That is the court ordered buy out of the minority shareholder’s interest.

Gray Plant Mooty
80 S 8th St #500
Minneapolis, MN 55402