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Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2129
Experience:  Practicing Attorney with 10 years experience
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CPA c corp - 70 /30 nonership. 30% owner here 5 years with

Customer Question

CPA c corp - 70 /30 nonership. 30% owner here 5 years with contract he will buy business. Purchased 10% after two years another 20% after 4 to complete purchase in July 2016. Suddenly not purchasing going to work for his brother. Would not sign no compete this time - did on original contract. Wanted to keep his 30% in the business. He is taking clients from corp. can we subtract that income from his 30% and how unethical is this! Do we have grounds to complain to cpa board? Thanks for any help you can give us!
Submitted: 9 months ago.
Category: Legal
Expert:  Asad Rahman replied 9 months ago.
Unless your contract is explicit that he could not compete then there may not be much you can do. However if the contract committed him to purchase the shares then you could sue for breach of contract. This might force him to the table to settle and agree to forego his interest and sign the noncompete.
Expert:  Asad Rahman replied 9 months ago.
The only theory i might argue that he had a duty to be loyal to the company is buying and he's preaching his fiduciary duty.
Expert:  Asad Rahman replied 9 months ago.

Let me know if you have any additional questions otherwise a positive rating would be greatly appreciated.