Legal Question in Business Law in Wyoming

Partner leaves, starts new company,takes former companys jobs

My partner started his own company. We divided

the company assets and bills owed. his first

three jobs were jobs scheduled for our company

that he no longer works for. Now befor he signs

over the stocks to me and pays his half of a

$10,000.00 comercial loan, he wants an aditional

$20,000.00 . What action may I take in this

matter ? Was his taking jobs illegal

Asked on 12/31/00, 9:04 pm

1 Answer from Attorneys

Charles Aspinwall Charles S. Aspinwall, J.D., LLC
0 users found helpful
0 attorneys agreed

Re: Partner leaves, starts new company,takes former companys jobs

There are no "partners" in a corporation. Only shareholders.

A corporate officer has a fiduciary duty to the company not to take deliberate action to harm it. For an officer to steal business from the company for himself is improper procedure and subjects him to liability to the corporation and its shareholders for his breach of fiduciary duty.

He can be required to repay the losses to the corporation which resulted from his breach.

Consult a business lawyer in your town. His actions appear unwarranted.

Read more
1/04/01, 8:44 am

Related Questions & Answers

    A PHP Error was encountered

    Severity: Warning

    Message: Invalid argument supplied for foreach()

    Filename: views/new_publicquestionview.php

    Line Number: 122

More Business Law questions and answers in Wyoming

Looking for something else?

Get Free Legal Advice

88333 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Michael E. HendricksonAttorney & Counsellor at LawAlexandria,
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now