Legal Question in Business Law in South Carolina

This fish stinks-bad partnership

I recently formed a corporation with 2 other people to sell Seafood. I am a 25% stockholder in this corporation and was a working partner and co-manager in the running of the business. I thought all was going well and found out suppliers were not being paid and started having doubts about certain things. When I asked to see our financial records so I could determine what was going on I was asked to resign which I did. I had signed a non-compete upon entering this venture. I brought the existing customer base and all the contacts to the business to begin with. Is their refusal to let me see financial documents which were necessary for the day to day running of the business a breach or contract on their part and is the non-compete clause still binding if they have breached the contract.


Asked on 7/24/99, 6:23 am

1 Answer from Attorneys
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: This fish stinks-bad partnership

How can they ask you to resign from a corporation which you are part owner? You need to contact a lawyer in South Carolina who can help you sort out this situation. There are probably elements of criminal fraud which the Attorney General of the State of South carolina can help by filing charges if they are warranted.

Good Luck!!

Pat Tracy

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Answered on 7/26/99, 2:56 pm


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