Legal Question in Business Law in Florida

3 months ago my business partner and I started a S corporation. We made her 51% share holder because we were trying to get a gov. grant. This would make her the major stock holder.Do we need a terms and condition of running the corp. As of now we have nothing as who can do what with out the other partner knowing or having to sign off on it. Do you have any suggestions. Thanks


Asked on 12/20/10, 12:41 pm

2 Answers from Attorneys
Richard Kaplan

If you are asking these questions, Run, Don't Walk, to your attorney to have a properly drafted written Stockholders Agreement. Only while everything is OK between everyone can you do it.

If you don't make a working agreement you may be sorry later on. I've seen it too many times.

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Answered on 12/25/10, 1:26 pm
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I agree with the other attorney answer. By not having adopted bylaws, minutes, etc. corporate formalities have not been followed and you open yourself up to potential personal liability. Consult with a good business or franchise attorney in your area as soon as possible for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 12/27/10, 8:43 am


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