Legal Question in Business Law in Colorado

Re: Dissolving a corporation

Morning,

You question states it is regarding dissolution of a corporation but speaks to the arrangement as a partnership. Those are two separate forms of business organization and the law varies depending on the form.

As to your question, it depends. You should have had a written partnership or shareholder agreement and this would have provided the parties rights. If you have no written agreement you are left to Colorado law and the claim of your oral (meaning not written) agreement.

As a general rule, absent agreement to the contrary, one shareholder or partner cannot just unilaterally seize or transfer assets without approval. If this seizure is not per agreement or law this party could be liable for civil theft, conversion, breach of fiduciary duty and for a claim of replevin.

It is impossible to say with any certainty as to your rights and options without reviewing the matter completely and discussing the facts. You need to contact an attorney quickly. The longer you wait the more expensive and time-consuming this will become. Good luck.