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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55699
Experience:  32 years of experience practicing law and a businessman.
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I have a business partner that I need to fire. Im the president

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I have a business partner that I need to fire. I'm the president of an S Corp with all voting rights on the board of directors. We have not spoken for months and makes decisions without my approval. Furthermore, he seldom shows up for work and when he does all he does is read the paper. My business partner also has a company car. Would he have to return the car to the company if he is fired.

Good evening. I understand your frustration. Fortunately, as the one in control, you have the authority to both terminate him and make him relinquish the car. He will have no right to retain the car.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 8 years ago.
Thanks. One last thing. In the by laws, it states that we both have to sign checks for any expense. Since I have full voting rights, can I make an addendum to the by laws removing this restriction? It would be very difficult to continue to operate if checks required is signature as well.

Unless your bylaws specifically state that unanimous vote if required to amend the bylaws, you can amend the bylaws with your vote.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 8 years ago.

"Article XI. Amendments

These by-Laws may be altered, amended or repealed and new BY-Laws may be adopted by the board of directors any regular or special meeting of the board of directors"

 

Since I'm the only one that can vote on the board, does that mean I can amend the by-laws even if my partner protests?

Yes, based on that language, you can amend the bylaws without your partner's consent.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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