Corporate issues

[tecsec02]

My corporation is in VA

I am in a bind. I opened a corp with a friend of 30yrs thinking it would be no big deal. We have been in business since 6/05 and now run into big problems. My first mistake... I split the company shares 50-50. Second I am the licensed contractor, the compliance agent for specific state regulations and the person that all of the company credit is hinged on. I am responsable for the credit card etc... We have been arguing about who should be responseable for paying the bills and have the power to decide what gets paid and how much. I feel it should be my desicion as it will only impact my personal credit not anyone elses. With that being put out in the open the other owner wants out and will not give up his half he wants to close the company. Is there anything I can do to take over control?

 

[seniorjudge]

Q: Is there anything I can do to take over control?

A: If y'all can't settle between yourselves, then you will have to get a lawyer and file a parition suit; the court will split up the property and give you the proceeds, if any.

 

[tecsec02]

Will I still be able to run the Company or will it have to close? It is a profitable company.

 

[seniorjudge]

Will I still be able to run the Company or will it have to close? It is a profitable company.

It depends on what the court decides.

 

[tecsec02]

Well I guess it is worth the risk as I am not going to be responsibly civily criminaly nor monitarily for the actions of others.

Thanks for the quick reply.

Kevin

 

[seniorjudge]

Well I guess it is worth the risk as I am not going to be responsibly civily criminaly nor monitarily for the actions of others.

Thanks for the quick reply.

Kevin

Kevin, you cannot be held criminally liable for the actions of others.

Civilly, you can be held liable for actions of your agents and your business partners.

However, the corporate structure is supposed to protect you from individual civil liability.

You had a good business lawyer draw all this up, didn't you?

 

[tecsec02]

I wish. I did it all my self. My wife is the registered agent for the corp. I have not actually even issued any stock we are all just going by or word at the moment. All of the certificates are in my office. As for criminally I am threw VA we are licensed by A dept of crim just services and I am the compliance agent for that and if we fall out of compliance or break any of the regs I can go to jail. as cor the credit it is pulld from my credit and chase bank says that I am soley responseable for all debts on the account.

 

[seniorjudge]

I wish. I did it all my self. My wife is the registered agent for the corp. I have not actually even issued any stock we are all just going by or word at the moment. All of the certificates are in my office. As for criminally I am threw VA we are licensed by A dept of crim just services and I am the compliance agent for that and if we fall out of compliance or break any of the regs I can go to jail. as cor the credit it is pulld from my credit and chase bank says that I am soley responseable for all debts on the account.

Hire a lawyer yesterday.

 

[tecsec02]

Thanks for the input I plan to do so the day before yesterday.