QUESTION

as a share holder in a company, what rights do I have when it comes to my obligation?

Asked on Apr 03rd, 2014 on Business Law - Minnesota
More details to this question:
If a share holder uses a business for personal gain that is owned by more than one, is there any recourse or direction for the share holder believing the end result is compromised?
Report Abuse

1 ANSWER

Appellate Practice Attorney serving New York, NY
If I understand you correctly, you maintain that one of the shareholders of a corporation has taken money which should have been distributed to all the shareholders, either because he took corporate money or he stole a corporate opportunity (i.e. he did a job, or made an investment, etc., individually which he should have done for the corporation.)  If so, the corporation can sue the individual to recover the monies.  In certain cases, for example where the offending party controls the corporation and will not agree to have the corporation sue himself, one or more of the corporation's other shareholders can bring suit in the corporation's name. 
Answered on Apr 03rd, 2014 at 5:11 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters