Lawyers.com > Discuss Your Legal Issue > Ask a Lawyer > Business Law > Can i sue a NY 49% business corporation owner for selling my full business assets while i was on maternity leave and when i own 51% of the corporation

Can i sue a NY 49% business corporation owner for selling my full business assets while i was on maternity leave and when i own 51% of the corporation

1 Answers. Asked on Jul 11th, 2017 on Business Law - New York
More details to this question:
I am a 51% owner of a New York domestic business corporation where I bout my 51% shares 1 year ago. My 49% business partner sold the full business while I was on maternity leave 5 months ago without my signature or any form of consent. As I found out 3 months ago he offered to pay me back my investment but have been delaying since then. I came to find recently that he sold over $350,000 worth of equipment, inventory and the 10-year lease to several of his contacts that paid mostly in cash and without contracts to avoid taxes. He has been in New York over 20 years and claims to know the law stating that I cannot take any action against him; he has several other private and business ownerships and has no interest in my lost business. Can I sue him for such unlawful sale and do I have the right to ask for my investment back?
Answers Showing 1 out of 1
Answered on Jul 15th, 2017 at 7:37 AM

You can definitely sue.  What was done is illegal.  However, how are you going to prove your 51%?  That is the main question.

Report Abuse
Business Law
Beginning on the day a new business is launched, it will encounter a host of legal issues. From selecting the optimal business structure to negotiating contracts, from ensuring that the company's name doesn't infringe on another business's intellectual property to hiring new employers--almost everything that small business owners do touches on some aspect of business law. As a company owner or manager, your focus should be on successfully running and building a business. A law firm that focuses on business law will have attorneys who have a broad cross-section of experience on the myriad legal issues that affect all businesses, large and small.
Have an Business Law Question?
It’s Free & Easy.
Ask a Lawyer
Top Contributing Lawyers
Mark Tischhauser, Esq.

Attorney - Florida

311 Answers, 20 Legal Topics

Patrick Johnson

Attorney - Tennessee

223 Answers, 44 Legal Topics

Michael D. Siegel

Attorney - New York

183 Answers, 25 Legal Topics

Anthony John Van Zwaren, Esq.

Attorney - New Jersey

107 Answers, 19 Legal Topics

Lori Nevias

Attorney - New York

75 Answers, 27 Legal Topics

Mr. Max L. Rosenberg

Attorney - Connecticut

69 Answers, 33 Legal Topics

Bruce Robins

Attorney - New York

64 Answers, 9 Legal Topics

Have a legal question?
Get answers from local attorneys.
It's free and easy.
Ask a Lawyer
Do It Yourself Legal Forms
Go

Popular Forums