Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

I talked my parents in to buying stock in my company

Customer Question
100000dollars my dad unexpectedly they...
I talked my parents in to buying stock in my company 100000dollars my dad unexpectedly they still had 65000 in company which was switched into a loan . I left 6 months ago and the company was forced into bankruptcy by the bank on Friday over the last 5 months we verified that the 52 percent owner and the 20 percent owner also our cfo over the past 8 years have been taking quite a bit without the bank knowing billing some things on the side and sold a portion of the company 550000 dollars worth when I inquired to see if it diluted our shares they said no because we now have no debt well some how on the way to the the money made it to there accounts this I found out cause the bank has hired me to help liquidate the assets including the recievables which are the biggest source of collateral I'm trying to just get my mom paid which the banks will help if I'm successful the bank didn't know they sold have the company I know the corporation and the bankruptcy might protect them but do we have any criminal to charge them my thoughts r that a 52 and 20 prrcent owners if they were taking as a dividend that because the 20 percent guy got money that it would or it should require them to have paid in line with the percentages to the other owners
Submitted: 2 years ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 6 hours by:
9/22/2015
Business Lawyer: Irwin Law, Attorney replied 2 years ago
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
Experience: 30+ yrs. representing small business, real estate, probate
Verified
I'm sorry to hear that your family's investment turned so sour.It certainly sounds like some criminal activity may have occurred. It is up to the state to pursue criminal charges. All you and the bank can do is provide information to the County Prosecutor. Keep working with the bank and hopefully some of your mother's money will be recovered through the bankruptcy proceeding.
I hope that this information is helpful and that you will enter a positive rating. That is the only way I will be compensated for assisting you. Bonuses are appreciated too. I will be happy to answer follow-up questions which relate to this one. Also, since we are not acting as your attorney be sure to confirm our information with a local attorney. Thanks for choosing JUST ANSWER.
Ask Your Own Business Law Question
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
7,430 Satisfied Customers
Experience: 30+ yrs. representing small business, real estate, probate

Irwin Law is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,793 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

742 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

640 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

564 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
Back in 1992 I invested in a technology and purchased
Back in 1992 I invested in a technology and purchased Territories covering the San Fernando Valley, San Jose and a portion of Long Beach. There were 28 Super Fund Sites in just the first 2 alone and a… read more
Brandon M.
Brandon M.
Attorney at Law
Juris Doctorate
12,463 satisfied customers
Im retiring soon but I invest in real estate. Can i Keep
Im retiring soon but I invest in real estate. Can i Keep doing that and not have my ssi be affected. and can corporation help with this problem. if there is a problem … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
I am looking to get private investment capital to secure
I am looking to get private investment capital to secure material from a factory overseas. The terms with the factory are 30% upon order and 70% upon delivery. My question is when I take the money fro… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
Can you close an 1120S corporation and still have the
Can you close an 1120S corporation and still have the benefits of a 1033 exchange pass through to the shareholders? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,514 satisfied customers
I formed an llc as a corporate entity along with two
I formed an llc as a corporate entity along with two partners. One of my partner's was name appears as the filing agent in the articles of organization and we never filed an operating agreement. The p… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
I established a corporation with two friends back in June.
I established a corporation with two friends back in June. This is a California corporation. I have filed the articles of organization and the statement of information. What else needs to be done to m… read more
FLACORPLAWYER
FLACORPLAWYER
Doctoral Degree
1,750 satisfied customers
Can a corporation (s-corp) registered in California have a
Can a corporation (s-corp) registered in California have a general business purpose (e.g. something like "to be involved in any lawful activity for which corporations may be organized under the Genera… read more
socrateaser
socrateaser
1,031 satisfied customers
Business/corporate/NPO: do I really need 2 different
For Tina, business/corporate/NPO: do I really need 2 different entities for this? I want to start an NPO that helps handicapped and disadvantaged people travel around the country, sometimes using comm… read more
dkennedy
dkennedy
Attorney
Juris Doctorate
27 satisfied customers
My son invested money in a small business that he also works
Hi, my son invested money in a small business that he also works for and is leaving the company. The owner has agreed to repay the investment plus interest. We feel there needs to be a legal document … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
Do all shareholders, ( 3 shareholder corporation) have the
Do all shareholders, ( 3 shareholder corporation) have the right to inspect the bank accounts? (florida corporation) … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,499 satisfied customers
Is there a benefit to having a corporation own multiple
Is there a benefit to having a corporation own multiple LLCs? Or is one corporation doing multiple businesses a better way?… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers
Lawyer that specialize in Non-profit corporation law,
This is for a lawyer that specialize in Non-profit corporation law, Question; Our organization is exempt under section 501 (c)(3) of the Internal Revenue Code. And we are also classified as a “Public … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
When investing into your own company or anything for that
When investing into your own company or anything for that matter, I've always heard its better spend the bank's money before your own can someone explain what that means or if that even makes sense. T… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,793 satisfied customers
A CORPORATION CAN I OWN 95% of the corporation and give 5%?
i AM OPENING A CORPORATION CAN I OWN 95% of the corporation and give 5%? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers
If I am the only investor and investing 100% and also on the
If I am the only investor and investing 100% and also on the board/owner with 5 others, what would my ownership equity be? … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
742 satisfied customers
My family and i have a corporation it is a s corporation we
my family and i have a corporation it is a s corporation we had a family issue in which there was a 50 50 split one member from the other side sold her shares to the other side breaking the time so th… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,793 satisfied customers
In California, I sold my half ownership in a corporation for
In California, I sold my half ownership in a corporation for a $180K promissory note on 7/31/17. No payments were made on the note because the owner who purchased my shares of the corporation died int… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x