I'm a part owner in a company that is effectively shut down. The majority owner has been trying to sell the company and any sale would require a 2/3 majority approval (which he doesn't have). Now he is saying he is creating a joint venture with another company and as part of the agreement he is giving the ONLY asset the original company has to the new joint venture company. Can he legally do that? It seems to me like it's a way around getting approval to sell. No money is supposed to be changing hands as a part of setting up this new company, but the process of creating the company means that there is no opportunity to sell original company because the only asset has been given away. The original company will be a 50% owner of the new company but it seems like my value has been cut in half.
1 Answer from Attorneys
These matters are often too complicated to resolve in this limited format. The counsel that advises you on all your options, needs more information than you can provide here. What your partnership agreement (or bylaws) actually say, will affec your otions. You dud not state the value of the otter entity. Perhaps you now own a smaller piece of a larger pie. If not, you may only have a short time to have a Court intervene. Therefore, I suggest that you consult deftly with a business law attorney, soon. They often offer a free or low cost initial consultation. Find one in your area. Take your relevant documents with you.
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