Legal Question in Business Law in California
Intentional damage to corporation
I own 50% of a business run primarily by my husband. He is threatening to walk away and start a like company with new name and reuse some assets. Are there legal roadblocks I can put into place to keep him from damaging my 50% of the current company by walking away. I could not run it nor do I wish to run it alone. It is a viable business. We are divorcing and he would rather walk away than provide 1/2 its worth to me.
3 Answers from Attorneys
Re: Intentional damage to corporation
If you are "getting divorced," if you do not have an attorney, you would be well advised to do so immediately. If a petition has already been filed, there may be some restraining orders already in place that would prevent him from doing anything to devalue or dispose of any property acquired during the marriage.
You should seek the services of a qualified family law attorney immediately.
Re: Intentional damage to corporation
As to the family law aspect of this question, please see Mr. Hoffman's note to you on this subject. He gets the same advice I would give you as well. The only thing that I would add, however, is that you would do yourself well to consult with an attorney first and business matters. The family law attorney or the filing of a family law action can certainly help prevent any wasting of assets by the the restraining orders that would automaticallybe enforceable upon service of the petition. However, since you are dealing with 80 viable business, they may also be a number of things that a family law specialist would have to bring in a business attorney to advise you on.
A competent to turn a dealing in business matters should not be offended by your working with a family law attorney on the restraining orders and division of property. In fact, the automatic provisions which provide for the same would be of great assistance to any business attorney attempting to protect your rights relative to the business.
Please feel free to contact may relative to the business aspects, intellectual property rights, and matters which would affect the running of the ongoing business.
Daniel Kang
818-587-9299
Re: Intentional damage to corporation
What type of business entity is it? Corporation, LLC, sole proprietorship, etc.? We may be able to arrange for him to buy you out. If he has used assets of the company for his personal benefit, or for the benefit of another company, he may have committed conversion or breached a duty to you as his partner. How much is the business worth?
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
