Legal Question in Business Law in New York

Re: Business buy out problems

Directtors authorize the opening of bank accounts. If he has resigned, then the remaining directors can do the job.

Re: Business buy out problems

To open an account on behalf of your company, you will need to be authorized to do so by the the company. Depending on the percentage of the shares your partner owns, the composition of your board of directors, and the existence of a shareholders agreement, and the existence and authority of the company's current officers, you may or may not be able to open the account, and/or be authorized to do so without your partners cooperation. At the same time, it the buy out is amicable, then even if you need his cooperation, I would image that he/she would be willing to assist you with gaining the necessary authority to do the things that you need to do. The Fidelis Law Group has several lawyers who specialize in this area, and are available to review your company documentation so as to assess what you will need to do to open a bank account, as well as to work with you in connection with the buyout, since it is advisable for you to seek legal counsel in connection with this matter and to have it properly documented. Our work is of the highest quality, delivered in a efficient and cost effective manner. If we may be of assistance with this or any other matter, please contact me at [email protected].