Legal Question in Business Law in Massachusetts
shareholder status
If I was told I was an owner in a
small corporation but did not receive,
stock certs, distributions, compant
did not file anything with the state of
MA, am I an owner? I say no, but I
did send an email to the partners
stating I am an owner. I started my
own competing compay and now
they are saying I am an owner and
have violated my fiduciary duties
1 Answer from Attorneys
Re: shareholder status
Did you contribute any assets to the enterprise? That would back a claim of ownership. A mere promise to provide services in the future would not support the creation of shareholder status if the corporation is governed by Massachusetts law. On the other hand, stock can be exchanged for past services. If you contributed no assets and provided no services to the enterprise, I think it is doubtful you would be deemed to be a shareholder owing any non-compete obligations to other owners.
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