Legal Question in Business Law in Texas

Re: small business corp

Congratulations on your acquisition!

The answer to your question depends on how your company is structured and its by-laws and/or operating agreement. Generally, in closely held companies, such as yours, assuming each person holds an equal ownership interest in the company, there is equal power and equal responsibility among the partners, members or shareholders. The duties and distinctions of the officers become more relevant in larger operations. So, chances are what you've been told is correct, but to be certain, you must look at the company's by-laws or operating agreement to be certain.

I am a partner in several companies outside of my law practice, and I do advise businesses of all types. I'd be happy to assist you and your company further.