Legal Question in Business Law in Texas

Selling a company vehicle in a limited partnership

I have a buisness partner who is trying to sell a company vehicle that i use for transportation against my wishes i own 49% of the L.P he owns 50% and we have a general partner who owns 1% in the general i own 49% he owns 50% can he sell this vehicle against my wishes for his capital gain?


Asked on 10/28/04, 4:27 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Selling a company vehicle in a limited partnership

He probably can, although that's not a given.

Does he use a company vehicle? Is the use of the vehicle part of your compensation? Anything in writing? What other assets does the corporation have? How many directors does the corporation have? In whose name is the vehicle titled?

Is scrapping with your co-shareholder worth the use of the vehicle? Is it worth the costs of litigation?

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Answered on 10/28/04, 5:12 pm


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