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I sit on the board of directors for a corporation that has a…

I sit on the...

I sit on the board of directors for a corporation that has a bar business. Our treasurer and president took it upon them selves with no majority vote/ no vote at all to cash in investments. Discussion was geared toward creating new accounts for same to avoid capitol gains taxes.It was not in the best interest of our shareholders to pay $17,000 in tax. Is this legal?

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Massachusetts and no

Lawyer's Assistant: Has anything been officially filed? If so, what?

Articles of organization and bylaws

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am an employee of the commonwealth and feel my job may be at risk.. they do as they please.

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Answered in 20 hours by:
12/25/2017
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2,463
Experience: Practicing Attorney with 10 years experience
Verified

Without knowing your bylaws and what authority is granted on the president but it does seem they breached their fiduciary duties and obligations to the board.

Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2,463
Experience: Practicing Attorney with 10 years experience
Verified
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