Legal Question in Business Law in Minnesota
I am 60% owner and president of a corporation. Can I sell real property belonging to the corporation without the consent of the 40% partner/vice president.
Asked on 11/09/09, 8:16 pm
1 Answer from Attorneys
Maury Beaulier612.240.8005
Minnesota Lawyers
You may do so if it is in the business' interest. You have a fiduciary duty to other owners and, as a result, you cannot act in a way that is inconsistent with the operation of the business. If the sale involves substantially all of the business assets, in most instances, it would require an agreement with other shareholders.
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Answered on 11/17/09, 1:38 pm
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