What is the name of your state? California
I am a 32% owner of a four owner company (two other partners are 32% and 1 partner is 4%). The company is an California LLC. We have been in business for 8 months, and we are now going to dissolve. Currently, we are closing out a settlement agreement. We had no employees except ourselves. We all stopped working for the company on a day to day basis. The only activity we have is collaorating with the attorney.
The company is an IT company, and I did all the work for the company since the other tech owner of the company stopped (quit) working four months ago.
We wanted to close out all books, so I quit working. However, I have run another business (for 11 years) which is the same type of business - IT repair and consulting.
Is it a conflict of interest for me to continue my business that I never closed down in the first place?
I am a 32% owner of a four owner company (two other partners are 32% and 1 partner is 4%). The company is an California LLC. We have been in business for 8 months, and we are now going to dissolve. Currently, we are closing out a settlement agreement. We had no employees except ourselves. We all stopped working for the company on a day to day basis. The only activity we have is collaorating with the attorney.
The company is an IT company, and I did all the work for the company since the other tech owner of the company stopped (quit) working four months ago.
We wanted to close out all books, so I quit working. However, I have run another business (for 11 years) which is the same type of business - IT repair and consulting.
Is it a conflict of interest for me to continue my business that I never closed down in the first place?