I'm one of the owners of a federally funded small business in Baytown , Texas. One of the shareholders who happen to be a CFO & secretary of the company issued a $45,000.00 check supposedly as payment for his loan (money that he put in as his share to start up the company) without authorization from 2 other shareholders. My question is, where do I stand legally on this? Pls advice.
1 Answer from Attorneys
Based on what you have written, there are more specific details which would be required so as to provide you with an opinion. First, seeing that you used "shareholders" is it safe to assume that your entity is a corporation? Second, what does the by-laws of the corporation specifically say regarding re-payment of loans to the company from shareholders? Third, where does the corporation stand from a financial outlook? There are many additional questions which would need to be discussed so as to obtain a clear and better understanding of the specific situation. You need to consult with a law firm to ensure that your rights and interest are being protected. Should you desire to have an initial consultation you may contact us at 281-994-4034 to arrange for such.
The above response given is not intended to create, nor does it create an on-going duty to respond to questions. Additionally, the response does not form an attorney-client relationship, nor is it intended to be anything other than an educated opinion. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.
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