Legal Question in Business Law in Florida

Re: partners in a corporation

Typically, there are no "partners" in a corporation; there are shareholders. Also, typically the corporation has officers. If he was President, he probably could do this if it was truly for the benefit of the corporation. If not, you may have a claim against him. If you would like to follow up please contact my office.

Re: partners in a corporation

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

A corporation is made up of shareholders, not partners. Presumably you meant the majority shareholder in your question. This would be controlled by the Shareholder's Agreement that should have been drafted at the onset of the business. This document would set forth the rights and responsibilities of each of the shareholders and would delineate who had the authority to make decisions. In the absence of such an instrument, the president can generally make decisions which, if proper for the business, will be allowed if challenged in court.

Scott R. Jay, Esq.