More details to this question:
I started a business with someone. I received 40% of the business when we started. I became ill and could not perform my original duties. The president of the company stripped me of my shares down to 20% and gave them to himself. Is that legal?
1 ANSWER
A majority shareholder owes fiduciary duty to the minority shareholder and the minority shareholder has certain rights under Florida law for breach of this duty. Unless there is an agreement in place between you and the majority shareholder that governs what would happen in the event one of you cannot perform your duties, then you probably have a cause of action against your business partner.
Answered on Aug 04th, 2013 at 11:47 AM
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