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Texas. I am a shareholder and a note holder in a private…

Texas. I am a shareholder...
Texas. I am a shareholder and a note holder in a private company in Houston. I have given a partner my proxy of shares and he serves as my trustee with fiduciary responsibility. I just found out that the company moved corporate offices over two years ago. Although offices are still in Houston, I was surprised and felt I was not properly informed. Is this a violation and if so, please explain.
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Answered in 29 minutes by:
9/20/2017
socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 40,061
Experience: Retired
Verified

Hello,

Failure to communicate is a breach of loyalty by a fiduciary or partner -- consequently your partner could be held liable for any damage that you incur as the result of the failure of notification concerning the company relocating its headquarters.

But, if you have no actual damages, then you would only be entitled to nominal damages from a court -- which means $1.00 USD. Likely not worth the hassle of a court action, only to make a point that you should have been notified timely of the business' relocation.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 40,061
Experience: Retired
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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).

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