Texas  |  Business Law

Legal Question

Asked on: 9/24/13, 10:27 am

Hello, I am one of the 3 management directors and 20% owner of a corporation.

My other 2 partners (each 40%), are going to sell the business. Do they need my signature?

I never attend a meeting or whatever and never signed any documentations concerning the sale of the company.

If the sell the company without my signature..is that legal?


Jacobus Rodenburg

2 Answers

Answered on: 9/24/13, 10:47 am by Arthur Geffen

It depends on what the bylaws or operating agreement says.

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Arthur H. Geffen, P.C. 1620 East Beltline Road Carrollton, TX 75006

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Answered on: 9/24/13, 11:55 am by Jeffrey Brashear

Based on your question, more specific information is required to provide you with an opinon. Some of the items which would need to be answered are: (i) is the entity a C corporation or a S corporation? (ii) is there an operating agreement between the shareholders? - if yes, what are the specific terms? (iii) is there by-laws for the entity? - if yes, what are the specific terms? (iv) which state is the entity formed within? Upon more specific information, an opinion as to what specifically you may or may not be able to do is possible. You may want to consider consulting with a law firm to assist you with protecting your interest and rights.

The above response given is not intended to create, nor does it create an on-going duty to respond to questions. Additionally, the response does not form an attorney-client relationship, nor is it intended to be anything other than an educated opinion. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

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The Brashear Law Firm, PLLC 16350 Park Ten Place, Suite 143 Houston, TX 77084

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