Michigan  |  Business Law

Legal Question

Asked on: 8/28/06, 1:18 am

Shareholder Banking Rights

Shareholder A(49%) discovers that Shareholder B(51%)has set up a bank account at another bank. Partner A, after examining the account history discovered that received check of $47,300 was not deposited in corporate account by partner B. Partner A upon examining account history closer realized withdrawals by an ATM card for the account by partner B(reasons unknown). When confronted Partner B has Partner A removed from account. What rights does partner A have? Can Partner B, because he has 51% equity able to have independent accounts using the company name? what recourse does partner A have?

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