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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38452
Experience:  Retired (mostly)
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i am a partner in a corp. Th e partners that are responsible

Customer Question

i am a partner in a corp. Th e partners that are responsible for the bills and the accounts are not paying the employees(i aso am an employee of the company). I am finding that they are doing some pretty shady stuff. I wouldlike to kow what i can do to take back cotrol ofmy 14 year old comoany that they are destroying.
Submitted: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 years ago.

If you can prove that the other shareholders are plundering corporate assets, you can sue them on behalf of the corporation for breach of fiduciary, and/or for conversion/civil theft. If you win, you could report their actions to law enforcement and they could be prosecuted for embezzlement.

 

Unfortunately, law enforcement will not generally get involved with this sort of white-collar crime until after a successful civil case is proven, because, frankly, it's cheaper, since the government can use your evidence to help prove its case.

 

So, as you say, you will simply have to threaten your co-owners with legal action, unless they voluntarily account for and restore their ill-gotten gains, and if they refuse, then you will have to sue.

 

For a civil litigation attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=FL

Hope this helps.

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