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Loren
Loren, Attorney
Category: Business Law
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Experience:  30 years experience representing clients .
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i had a partner that just recently passed we have a s corp

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i had a partner that just recently passed we have a s corp his widow is trying to forceme to pay her more money or buy me out. my question is the lease was signed in my and his name..the lease expires april of 2013 Can i go ahead and sign a early lease just in my name with out any laws being broken? So i can own the lease to protect my investment?
Thank you for using JustAnswer. I am LawGuy and I will do whatever I can to answer your question.

If you are an officer and director of the corporation then you have a fiduciary duty to the corporation to act in a manner which protects the corporation. As the widow of a shareholder, unless there is a buy sell agreement covering this situation, the widow is within her rights in seeking to assert shareholder rights, assuming she was willed or inherited the shares, as your partner's successor in interest.

Therefore, you may not self deal the lease to the disadvantage of the other shareholder.

You will need to either buy out her interest or live with her as your new partner (or seek the dissolution of the corporation through the court).

I hope this answers your question.

LawGuy
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