Texas  |  Business Law

Legal Question

Asked on: 5/05/13, 12:31 pm

If I am one of three co-owners and recently found out that one of the partners (let's call him Jared) has been expensing a significant amount for personal charges. The other co-owner (the one not commingling -- let's call him David) has hired an accountant to hide the indiscretion. David has done so because he knows I would punish Jared. Based on recent events, I believe Jared has now decided to begin changing his stances and siding completely with David on every issue as if he has been blackmailed. To further complicate the matter, neither partner has the ability to buy my portion of the company (they aren't as good with money) and we are contractually bound to sell only to one another.

Now that I have no control and cannot divest my interests in the company, what can I do? Can I report or legally pursue Jared's indiscretion and force him to relinquish his voting rights or shares?

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