Legal Question in Business Law in Arizona
I am in a Inc. with a partner that has no interest in the business. We are 50/50 however I am the President! I want to take over the corporation without giving someone a free ride. There has been nothing done and all the intellectual property and knowledge has been from me- My idea, my everything- I own all the domains as well and have a NDA/Non-compete with the partner Personally- with the business in mind
Can anyone shed some light on this topis??
Sincerely
2 Answers from Attorneys
You have not provided enough information to give you answers. If you formed a corporation, did the "partner" form the corporation with you? What do the articles of incorporation provide? Did you have an organizational meeting? What resolutions did you adopt? What operations of the corporation have taken place? You say that nothing has been done. You say that the partner has no interest. What do those statements mean? Where does the non-compete agreement provide and who is party to the agreement? You need to consult with counsel and answer all of the above and much more, in order to determine what you can do to separate yourself from this unwanted "partner."
I can shed a lot of light on this but this can be one of the most complcated areas of business law and, as the previous answer says, you really need legal consel from the beginning. Here you seem to be contemplating a business takeover and "divorce" at the same time. We can do it - we do it all the time - but it is not easy or cheap. And if you do it wrong you will have "Hell to pay."
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