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BizLawyerNate, Attorney
Category: Business Law
Satisfied Customers: 10686
Experience:  7 Years of Legal Experience Representing Small Business Owners
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a 50-50 bsiness partner in a Inc. was to run the field as I

Resolved Question:

a 50-50 bsiness partner in a Inc. was to run the field as I put in $25,000 to fund it. It is costing more to operate than he is bringiing in as president can i fire him a seek restitutioin for 50% of the loss
Submitted: 6 years ago.
Category: Business Law
Expert:  BizLawyerNate replied 6 years ago.
Thank you for your question and welcome to Just Answer.

What is your present role in the company?
Customer: replied 6 years ago.
Still there
Expert:  BizLawyerNate replied 6 years ago.
Are you an officer? If you are not ranked higher than the president, you cannot fire him because you only have fifty percent of the company. If you feel he has mismanaged corporate funds, you can certainly sue him for that. You must be able to show that he did not use reasonable care in handling the company's resources, thus violating his fiduciary duty to you. If you can show that, you can legally recover whatever monies has squandered.

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