my boyfriend is part owner of a company. there is three of them. and its set up as a corporation. they all have a percentage in the company but have an agreement that they all have equal say. his brother who pretty much runs everything has been making a lot of mistakes and will not listen to anyone. I myself have done a lot of research and know how things are supposed to be done and have told all three of them but nothing changes. my boyfriend has been fighting with him to be doing things right but still nothing changes. I need to know what could possibly happen to the company and especially my boyfriend if things continue. he has written checks for personal things and has put that it was business related when it was not. he puts personal things onto a transaction that's business. they haven't payed any employee taxes. he doesn't pay bills on time and ruins the business credit. he opened a business credit account and used it for his personal needs. they owed the irs and he never payed until they took it out of the account themselves. I know my boyfriend is responsible for any debt of the company but what can he do to cover his butt when its one persons doings and he wont allow anyone to change things or do things right and hides information from the other owners so they cant do anything? is he completely at fault too or is there anyway to protect him? and what will happen to this company?
2 Answers from Attorneys
It would be a good idea to have me or another experienced Business Attorney survey the full picture: corporate documents , agreements etc to provide a complete opinion on status and recommended course of action
I have 35 years of experience in Business Law
Location: Eden Prairie but practice statewide
Hello. I urge BF secure att'y counsel at this time, and I urge BF choose a qualif' and well exp'd att'y. Terrific that you are involved and supportive and knowledgeable.. I urge BF have help asap as sitn' sure seems to be the sort that is bound to worsen with time. You are definitely on the right track not to want to be a part of any criminality. The conviction rate when a fed' crim' charge is filed is near one hundred percent fyi.
Beware 'free advice' esp' as to this mess.
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