Legal Question in Business Law in New York
Landscaping Business
I have a friend who is interested in selling his Landscaping Business. However, because he is the ''president'', he signs the appropriate legal forms (Consumer affairs documents, licenses, etc.) *BUT* the only thing he does not sign is the employee paychecks. This is a family business and his aunt is the ''vice president'' of the Inc. My question is whether or not he can legally sell his business without having her involved or not because she signs the paychecks and it is listed as an ''Inc.''. I could not find a company charter online so I don't know if I'm looking in the right area.
1 Answer from Attorneys
Re: Landscaping Business
You are confusing titles with ownership. Normally, a corporation looks to its shareholder agreement when it sells the business. If there is no shareholder agreement, it looks to its bylaws. Generally, there needs to be either a majority or unanimous vote of the shareholders after a meeting for a corporation to be sold.
Mike.
Related Questions & Answers
-
Business Law -Can damages be recovered? Jerome, Sheila, Gary and Ella agreed to... Asked 9/16/07, 7:51 pm in United States New York Business Law
-
Fired by phone in new york state is it legal for my boss to fire me over the... Asked 9/15/07, 6:34 pm in United States New York Business Law
-
Sueing for bounced checks I am the owner of a small company in NY. I need to sue... Asked 9/14/07, 4:46 pm in United States New York Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
