Legal Question in Business Law in Illinois

Re: Partnerships

You mention "parter", "president" and "company" in one sentence. The laws for partnerships and corporations (and LLCs for that matter) are very different. In a coporation, you need to look at the bylaws to see the authority of the president. The president reports to, and can be replaced by, the board of directors. However, if the company has two directors (you and the person who is also president), you have a classic deadlock situation and, at least for the time being, you cannot change the status quo. In other words, the person continues as president and continues to have whatever authority has been given to him.

If this situation cannot be resolved amicably, you may need to hire an attorney to evaluate your rights under your corporate documents and corporate law.

David K. Staub, an Illinois business attorney