Legal Question in Business Law in New York
corperate assets
I own 50 percent of a chapter s corp as i leave am i entitled to half of the assets we purchased , the other party involved bought things like jewlery and motorcycles with our money witout my consent
Asked on 8/23/04, 3:45 am
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: corperate assets
In the absence of a buyout agreement you are not entitled to anything. You can sell you shares to any buyer at a price acceptable to you. You have no claim on corporate assets. Depending on circumstances, you might succeed in petitioning a court to liquidate the business.
As a shareholder, you have the right to insist that management use corporate assets exclusively for corporate purposes.
Answered on 8/23/04, 8:39 am
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