Corporation Fall-out

[Kaycee]

I am the President of a Sub-S Corporation. I have a partner(Vice Pres.) who is 50% owner and I am 50% as well. We are employees as well. We are no longer able to work together and I am exploring my options to end the partnership. I have considered bankruptcy, liquidating, or buying him out/vice versa. My question is...since our business is in financial distress and we are both looking for extra ways to make money...he has decided without my consent...to use our business equipment and shop for his personal use during working hours to make extra money. He is not fullfilling his duties and obligations to the jobs that are already in our shop. I mean..literally not dealing in our business at all anymore. Can I fire him even though he is 50% owner.

 

[Tracey]

Get a corporate attorney immediately. You can sue him for theft of corporate services/equipment, & demand that he turn over all income derived from the corporation's equipment to defray corporate expenses. You'll also need to get an injunction to freeze his bank accounts & to forbid him from using corporate assets for personal gain. You can file criminal theft charges against him (exerting unauthorized control over the property of another).

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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.