Minnesota | Business Law
11/09/09, 8:16 pm
Legal Question
I am 60% owner and president of a corporation. Can I sell real property belonging to the corporation without the consent of the 40% partner/vice president.
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11/17/09, 1:38 pm
Legal Answer
You may do so if it is in the business' interest. You have a fiduciary duty to other owners and, as a result, you cannot act in a way that is inconsistent with the operation of the business. If the sale involves substantially all of the business assets, in most instances, it would require an agreement with other shareholders.
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