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this is a follow up to the derivative question- if the pleading

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was filed individually and derivatively...
this is a follow up to the derivative question- if the pleading was filed individually and derivatively by both shareholders and the 90 day requirement (item 2 from previous question) was not met and additionally the opposing party sued the company and the shareholder, would the case in its entirety or partiality be dismissed- if partial which parts and why citing applicable law.
Submitted: 5 years ago.Category: Business Law
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12/1/2011
Business Lawyer: Law Educator, Esq., Attorney replied 5 years ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,472
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The derivative action would be dismissed as per the statute already provided to you in the previous question if you do not satisfy the requirements in subsection 2 of the statute.


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Customer reply replied 5 years ago
does the other 50% owner have standing to sue the co-owned company in his individual capacity or would that part also be dismissed?
Business Lawyer: Law Educator, Esq., Attorney replied 5 years ago
Each owner can sue the co-owned company individually if they have a cause of action, but realize in suing the company the company will have to have an attorney and those attorney's fees come out of the company AND that means you and the other owner share those legal fees.
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Customer reply replied 5 years ago
can i choose the attorney and direct its legal defense without his authorization- iam the ceo and treasure- he is the president and secretary- it is my understanding in florida the president has the authority to make contracts
Business Lawyer: Law Educator, Esq., Attorney replied 5 years ago
That would be a conflict of interest if you are suing the company so no you could not choose the attorney. Also, it is the president who has the right to make these final decisions.
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Customer reply replied 5 years ago
no he is suing the company and if only the president can make those authorizations how can i defend the company?
Business Lawyer: Law Educator, Esq., Attorney replied 5 years ago
If he is suing the company, him choosing the attorney to defend the company would be a conflict of interest, so as CEO you would be next in line to make that decision on hiring the attorney.
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Customer reply replied 5 years ago
is that just common sense or is there applicable law you can direct me to on that
Business Lawyer: Law Educator, Esq., Attorney replied 5 years ago
That is just common law of business and how the system works regarding when conflicts of interest arrise.
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