Legal Question in Business Law in Oklahoma

responsibility to notify shareholders

My father had a lucrative business before he died 9 years ago.

Just recently I found out that he had left me 55% of the company, my sister 15% and my mother 30%. My mother knew this but ran the company as if it were hers. Nobody disputed this. Neither I or my sister have ever received a dime from this company. The company is now in ruins and I find that I may be liable for the debts. My question is, ''What responsibility did

the corporate attorney have to tell me that I was a shareholder?''. What can I do about that now? The corporate attorney was also my father and mother's personal attorney. He

told my mother the arrangement but she chose to not tell me.

Asked on 5/17/06, 10:23 am

1 Answer from Attorneys

John Graves The Law Office of John H. Graves, PLLC

Re: responsibility to notify shareholders

An attorney for the corporation has a duty to the corporation itself. If that conflicts with other duties there may be a conflict of interests that requires disclosure or may not be able to be waived. If the conflict is serious enough not to be waived, withdrawal would be necessary.

If you are a shareholder, you are entitled to the benefits and responsible for the liabilities of the corporation. This area is very complicated and highly dependant upon the specific facts of your situation. Because important time limitations may apply, you need to contact an attorney at your earliest convenience.

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Answered on 5/17/06, 10:30 am

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