Legal Question in Business Law in Virginia
We have a C corporation. We bought all of the equipment and furnishings. We have conflict with our partner. We are afraid he might change the locks on the business.Can we take some of our equipment and furnishings in exchange for our stock without asking our partner first? What is his legal action against us if we do remove assetts? We are also tendering our resignation as officers.
Asked on 9/16/10, 3:43 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
If your partner has a valid claim to ownership of this equipment and furnishings
as a co-owner of the business, you might be charged with some form
of theft or conversion if you were to remove them without first securing his
permission or agreement (in my opinion).
Answered on 9/23/10, 6:58 am
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