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
1 Answer from Attorneys
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.
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