Legal Question in Business Law in Florida

Violating fiduciory duties
We are in a partnership with BR in a jewelry store . He as President,& Majority stockholder started own jewelry company behind our back (Husband & I were 25% owner)at time. Additional principal on a Bank loan was due and he refused to give in money. My husband and I paid bank to satisfy them and keeping them from taking some capital (jewelry) Since then he has turned his back, and hurt company sales. Can sue him in a ''civil suit '' as he hurt the company by taking customers away and decreasing sales.
In addition, he has obtained attorney and has requested a copy of all financials andwe are suspecting he wants us to buy him out at the exact same amount of money he put in company which was approx $220,000.00. Company is negative at this time and in NO way CAN or would settle for an amount. Husband and I desperately pursued purchasing silent partners shares in Feb to gain control and now have had majority control with approx 80% shares. He has been subsequently reduced to a 20% shareholder.

Asked on 11/09/03, 7:09 pm

David Slater David P. Slater, Esq.

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Re: Violating fiduciory duties

An attorney would have to review your partnership agreement. There certainly may be a breach of good faith.

Answered on 11/09/03, 10:16 pm

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