Legal Question in Business Law in Pennsylvania

selling of corporate assets

Is an authorized partner of a corporation allowed to sell an asset solely, without consulting other shareholders. If the deal is 2 months old and checks were recieved but not cashed can the deal be illegal and rescinded.


Asked on 2/12/06, 9:28 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: selling of corporate assets

Classic lawyer answer, it depends. What does your partnership agreement say? If none then what is the agreement between the parties and how have the affairs of the business been carried out? What state is the business organized in and is it properly registered wherever it needs to be registered? What is the authority of each of the partners? What is the transaction that was involved?

Yours is a question that cannot be answered by this service. You need to speak with an attorney and provide answers to these and all other questions s/he will raise.

I would be happy to discuss this or any other legal matter with you. You can contact me at [email protected].

Regards,

Roger Traversa

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Answered on 2/12/06, 9:50 pm


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