Legal Question in Business Law in Virginia
corporation equipment
i was president of a corparation and my partner
the vice president when i got a back ingury
and could not work he sold equipment at a
value of 200.000 dollars and kept all of
the money do i have any way of collecting
my part of the money
Asked on 1/21/06, 8:18 pm
2 Answers from Attorneys
Jonathon Moseley
Jonathon A. Moseley
Re: corporation equipment
It does not matter that you were an officer. What matters in the sale of the business is who
are the OWNERS of shares. You would need to
trace through the documents to see who is the
owner of the shares of stock.
Answered on 1/22/06, 5:37 pm
Robert Strupp
Robert J. Strupp,Attorney at Law, PLC
Re: corporation equipment
I would need to see the corporate governing documents, but it is not likely that the VP of a corporation could sell corporate assets and appropriate the proceeds for his personal use.
Answered on 1/21/06, 9:00 pm
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