Legal Question in Business Law in Hawaii
Corporate Officer
Corporation A is being dissolved volunteringly. Corporation B is receiving Corporation A's assets. Is this legal if I am an officer of both Corporation A and B? Do I need to step down from Corporation B?
1 Answer from Attorneys
Re: Corporate Officer
The question is too broad. It depends on many factors: Are there shareholders? Were the assets sold or how were they disposed of? Is this just a De Facto Merger? What are your officer duties defined as in the bylaws? Are there conflicts of interest? What kind of Officer are you - a Director who was part of original formation of Corp. A? Was there commingling of funds between Corp. A and B? Are there existing or potential claims or creditors accounts against Corp. A? Feel free to contact me at 808-526-0892.
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