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My business partner gave a piece of equipment to the company

a few years ago. They...
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?
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Answered in 3 minutes by:
10/25/2013
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,807
Experience: 32 years of experience practicing law and a businessman.
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Hi! My name is XXXXX XXXXX I 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.
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Customer reply replied 4 years 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 reply replied 4 years 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)

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.



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