How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Richard Your Own Question

Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 44416
Experience:  32 years of experience practicing law and a businessman.
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

My business partner gave a piece of equipment to the company

Customer Question

My business partner gave a piece of equipment to the company a few years ago. They have been abroad, unreachable, for much of the time since. A related business I am involved in needed a similar piece of equipment, so I sold the original piece to the other company (that does not involve the partner). He is now claiming that I stole the equipment because the the other company took 3 months to pay for the item. He is threatening reporting grand larceny as the equipment was sold for app $11k. Does his claim have merit?
Submitted: 5 months ago.
Category: Business Law
Expert:  Richard replied 5 months ago.
Hi! My name is XXXXX XXXXX X look forward to helping you!

Can you provide me a bit more information? What kind if entity is your company? Was the fair market value of the equipment more than $11,000? Did the sale of the equipment have any adverse impact on the selling company? Thanks.
Customer: replied 5 months ago.

Hi. The company is a C Corp in the state of Florida. We are a cargo charter aviation company. The item in question was an aviation GPS unit.

When the item was first sold, it was sold to an aviation electronics company that valued the item at $11,000 and that amount was applied to a new/different unit that I then provided to a separate charter aviation company that needed a different model unit. It is this separate company that then compensated the original company for the $11k value determined by the electronics shop.


 


 

Customer: replied 5 months ago.

To follow up on your other question - the selling company did not have any use for the GPS unit, nor was it foreseeable that they would for at least 3-5 more years (the expected life of the unit installed in that operation)

Expert:  Richard replied 5 months ago.
Thank you for your quick reply. Presuming: i) you were the operating officer of this corporation....such as the president or chief operating officer; ii) that the company received adequate compensation for the equipment...the fact that it was paid over a period of several months is not relevant; and iii) the sale did not have a material adverse impact on the corporation, your business partner is not going to get a prosecutor to pursue any kind of criminal complaint against you because: i) you had the authority as the operating officer to take such action; ii) there is no intent to defraud the company because it in no way adversely impacted the company; and iii) there is no theft because the company received adequate compensation for the equipment. Furthermore, your business partner is not likely to prevail in any kind of civil suit either because there has been no damage to the company. So, although your business partner may not be happy, he's not going to get any traction in trying to file a criminal complaint against you or prevail in any civil suit for damages.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!
Richard, Attorney
Category: Business Law
Satisfied Customers: 44416
Experience: 32 years of experience practicing law and a businessman.
Richard and 10 other Business Law Specialists are ready to help you
Expert:  Richard replied 5 months ago.
Thanks so much for the positive rating and the generous bonus! I appreciate your kindness and the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1162
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1142
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    393
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    301
    13 years practicing attorney, MBA