Legal Question in Business Law in Louisiana
My husband owns as business with another person and it is a corporation.
My husband is Vice President and treasurer with 49% of the shares. The other person is President, secretary and registered agent on the articlres of corporation with 51% of the shares.
It is an amusement company. The other person closed bank account and opened a new account with himself as the only authorized user. He is NOT paying bills etc. Can my husband collect the money from the amusement machines to pay the bills for the company.
1 Answer from Attorneys
No! He must act according to the law. He should consult an attorney face to face who is an expert in Corporate law, and let him read all the documents of incorporation and every other document he has. The minority shareholder certainly has enforceable rights, but he must exercise them according to law, otherwise he could get in big trouble!
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