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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 85790
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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Can a corporate owner of a business(partner A) who has 50%

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Can a corporate owner of a business(partner A) who has 50% ownership of the business legally obtain power of attorney of the other corporation owner who has 50%(partner B)
Partner B is clinically depressed and seeking psychiatric care, he has been admittted against his will for suicidal tendicies for 4 days, he is currently released and attending an outpatient therapy program and taking medication but he working at the business again.
I am the wife of partner B and fear he will loose his interests in this business. Pls advise what I should.
Submitted: 3 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 3 years ago.
Yes and this would be in accordance with the bylaws of the corporate entity which provide for contingencies when a partner/member is unable or unwilling to perform their duties. If the bylaws are silent, then as his spouse you can go to court and get a court ordered power of attorney to transact the business affairs along with his other affairs and the corporation has a right to object and they can seek a limited power of attorney for only the business affairs. Unfortunately, what all this means is you are going to need a local attorney to go to court and get the power of attorney and possibly fight the company. However, just because the company takes the power of attorney because he cannot perform or make decisions does not mean he loses his rights in ownership or to profits from the company, just his decision making rights because he is not competent to make them.


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Customer: replied 3 years ago.

Partner B is performing his duties, but Partner A is making his depression diagnosis a big huge deal....so WHO determines if he is capable of performing his duties....HE is working everyday except 3 afternoons a week he has to be out from 3 -5pm. He comes in early those mornings to make up the missed hours....So again who makes the determination he is unable to "perform " his corporate duties?

Expert:  Law Educator, Esq. replied 3 years ago.
If the corporation is seeking to remove him for being unable to perform and he objects, then the court would make the determination and this means getting a lawyer to represent him because the corporation will have to have a lawyer as well and using his medical records and doctor's testimony that he is capable and competent to perform his duties required of him.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 85790
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Law Educator, Esq. and 2 other Business Law Specialists are ready to help you

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