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In regards XXXXX XXXXX previous question titled "Hello, I am 50% partner/owner/shareholder in S Corp in California", I have another follow up question... What if I didn't resign, but started up another business in the same California city, same type of competing computer-netowkring sales and support business? We do not have a non-compete or NDA in place.
State/Country relating to Question: California Already Tried: My partner decided he does not want to buy me out and wants me to come back to the office to work. I refuse to and want out. Since he doesn't want to buy me out, can I just start a competing business? We do not have an non-compete or NDA in place. We just have our Articles of Incorporation which are in my possession that he wants me to return to him.
If you don't resign but start up another business then you would likely be in violation of the articles of incorporation as being a shareholder and simultaneous competitor.
Even if we never followed the guidelines established in the Articles of Inc.? (i.e. meetings, minutes, etc.
Yes, even though you never followed the Articles that does not mean their provisions cannot be used to file suit since they are still binding upon the officers of the corporation.
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.