Legal Question in Business Law in Pennsylvania

stock issue

I am 49% owner of a small buisness incorporated in 2004, my partner is 51% he has been committing fraud ,and stealing

the corperate bylaws state each party must purchase the stock for a $1.00 a share. I am wondering since I am tresurer,secretary, and vice president and my partner never paid for his shares how do i remove him from the company if possible


Asked on 12/14/05, 2:36 am

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

Re: stock issue

It's not that simple to do. Even if he didn't pay for the shares. The larger issue is his allegedly fraudulent conduct.

This is a necessarily complicated area of the law (corporate and securities) and an attorney must look at the relevant situation and documents to provide advice.

You need to discuss this matter with an attorney experienced in corporate and securities law to protect your rights and the company.

From experience I can tell you that this will be neither cheap nor easy. You must evaluate you position and determine if, as the minority shareholder, you want to take control of the situation or leave and take get out of there with as much as possible.

You can contact me directly if you would like to discuss this further.

Roger Traversa

[email protected]

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Answered on 12/15/05, 8:30 pm


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