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Jane Doe Deer
Jane Doe Deer, Attorney
Category: Business Law
Satisfied Customers: 3864
Experience:  Atty since 1986. Real estate, tax, and other business law questions
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I have an S 2 corporation in Arizona. My partner ...

Customer Question

I have an S 2 corporation in Arizona. My partner has abandoned the company (cabinet mfg. www.vipsmartstorage.com for over two months). The stock is me 49% My partner 49% and a tie-breaker XXXXX XXXXX 2%. The co. value is about $150,000. My partner Mack has a loan to company for 16k and I have one to the company for $285,000. Mack wants an 18k truck in his possesion and his loan to be repaid. I don''t think he deserves either. Two questions 1- Would a board resolution be a legal answer to remedy this? 2-How do I get the company truck in co. name back to me...how does this get enforced? Obviously I need Mack to sign off on his 49% of his shares of stock to me.   Tim
Submitted: 6 years ago.
Category: Business Law
Expert:  Jane Doe Deer replied 6 years ago.

Hello and thanks so much for writing to me. I will need just a little bit more information before I can respond:

Have you contacted your corporate attorney for assistance in this matter? Have you reviewed your original articles of incorporation and/or bylaws? They probably spell out in detail (1) what needs to be done in case of a dissolution and (2) how to handle dispute resolution. Please read it carefully before you write back to me.

I'll look forward to your response!

BTW, sometimes there can be a delay of many hours before I can get back to you. Be patient; I won't forget you, and I can usually respond within no more than 8 hours.

Merry

Jane Doe Deer, Attorney
Category: Business Law
Satisfied Customers: 3864
Experience: Atty since 1986. Real estate, tax, and other business law questions
Jane Doe Deer and 10 other Business Law Specialists are ready to help you
Customer: replied 6 years ago.
Hi Merry....
My #1 salesman is from Seattle. I have been all over your state, often, back in my traveling days.
My corp. attorney has moved. My Articles of incorporation have no section dealing with this.
I have read them.
My partner walked out March 14th and simply abandoned the business. He is no longer
returning my phone calls. I've known him and worked with his Dad since 1977. He is recently
married and I'm sure this is a lot of her input.
She's a grade school teacher and has a degree in dealing with first graders.
Do you have any thoughts or options?
I contributed money to the organization for the last year or we would not be here. He would have had no paycheck either.
I will pull the company out. It is just slow due to the economy. People will still move to Arizona for the weather till the cows come home.
Tim McCarthy (NNN) NNN-NNNN

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