What is the name of your state? VT I know I have other posts in regards to business situations...but...this question is completely different. 
Lets say company A has two partners. One owns 75% shares, the other 25% shares. The 75% share owner wants to get rid of the 25% owner and own the business 100% without paying them any money. So the 75% owner whom is now doing a new lease with landlord to keep business going makes this move: The 75% ownerof company A instead of dissolving the business keeps it active, but, starts a new business, company B, so that he owns 100%. He is still using same company assets to run this new business. Is this legal? The partner of 25% of company A feels like they have been de-frauded. Thanks Faith
Lets say company A has two partners. One owns 75% shares, the other 25% shares. The 75% share owner wants to get rid of the 25% owner and own the business 100% without paying them any money. So the 75% owner whom is now doing a new lease with landlord to keep business going makes this move: The 75% ownerof company A instead of dissolving the business keeps it active, but, starts a new business, company B, so that he owns 100%. He is still using same company assets to run this new business. Is this legal? The partner of 25% of company A feels like they have been de-frauded. Thanks Faith