Legal Question in Business Law in Texas
Texas LLC there are 3 members and they each own 33% of the company 2 members have went and opened a similar business without envolving the 3rd member. What should the 3rd member do legally since the store they have opened is in the same city as the store they orginaly opened together
Asked on 9/07/10, 10:59 am
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
The 3rd member should consult a business attorney who is familiar with this area of law. Injunctive relief (to stop the other business) and breach of fiduciary duty should be considered. These kinds of cases are highly fact dependent so you should consult an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
Answered on 9/12/10, 11:57 am
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