Legal Question in Business Law in New York

The answer depends on many factors, among them: Is this a LLC or a corporation? Are you named in the articles of organization / articles of incorporation or in the bylaws / operating agreement? Does the company have a bank account? Did you put any of your money in the company and if so is it documented? What is the current condition of the company? Are there employees? What obligations does the company have?

Finally, you have to consider that you are not likely going to be able to resolve this on your own. Therefore you need to ask yourself whether you have the financial ability to hire an attorney and go after your partner and possibly commencing a law suit?

The other attorney makes some valid points. If it's a corporation, as you state, and you are a shareholder of record, you remain so in the absence of any pre-existing buy-sell agreement. You can't be voted out, etc. These kinds of cases are highly fact dependent so you should consult an attorney. in your area for specifics.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

Exiting from a corporation has short term and long term legal and tax consequences. A proper exit may be in the best interest of all parties, but this should be done with the proper Exit Agreement listing all future duties, responsibilities, liabilities, etc. I would encourage you to contact my office to schedule a review and so we may recommend a strategy for this matter.

This answer is provided for your information only to help you understand some of your legal rights. It should not be relied on as legal advice because it is not a substitute for the full consultation and advice of an attorney. Nothing contained in my comments constitutes the establishment of an attorney-client relationship.