THREESOME

[broadst25]

When I needed to raise some cash to pay some bills a few years ago, I sold some equipment from the corporation. I did not tell the other two minority shareholders. The deal was: I'll sell you my "stuff", and I'll pay you back in two years. If I can't make the payment, my "stuff" is yours to keep.
My partners found out and now are trying to disolve the corp. Who really owns the "stuff" at this point? I gave a hand written "note" to the person I sold the "stuff" to.

 

[Tracey]

Congratulations. You committed theft when you used corporate assets as collateral for a personal loan. You'll be lucky if your minority shareholders don't file criminal charges agaisnt you.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[BROADST25]

dear tracy,
let me clear this up a little bit. it was not a personal loan. it was to pay bills related to the business. when we started the business, i put up all the funds. they were to put in hours worked. as it turns out they didn't put in too many hours also. when i asked them to help out with the bills (during the slow season) they refused. i did what i did to keep the business alive.