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Failure to Object to Business Practices Waives Minority Shareholder Rights

Corporations Attorney
Digital Camera International, Ltd. v. Antebi, et al., 11-cv-1823 (E.D.N,.Y. July 13, 2017) Statutes: N.J.S.A. 14A:12-7(1)(c) Facts:Shareholders of a New Jersey corporation participated in a variety of activities that would be classified as oppressive behavior, including the payment of persona expenses with corporate funds, operating a...

Unanimous Consent Signed by LLC Members Operates as Amendment to Operating Agreement

Limited Liability Company Attorneys
Clark v. Butoku Karate Sch., LLC, No. 326638 (Mich. App., 2016) Statutes: MCL 450.4101, MCL 450.4305, MCL 450.4509 Plaintiff Joby Clark and Defendant were the sole members of a Michigan Limited Liability Company operating a karate school.  Clark was the subject of a rumor that he...

Business Divorce: Sources of the Law

Business Divorce Attorneys
The law of business organizations is a creature of state law, and disputes among owners in a business divorce involve the application of the law where the business was formed. More often than not that means the law of the state in which the...

Minority Shareholder’s Silence Waives Oppression Claim

Minority Sharholder Attorneys
It was the stuff of which a good minority oppression claim is easily cooked up.  The party in control of the corporation had used the corporate bank accounts as his personal piggy bank while operating a competing business, paid himself inflated office rents and...

Oral Agreement to Transfer Shares Is Enforceable

Share Transfer Agreement Enforceable | Oppressed Shareholder Attorney
The prior owner of a woman-owned business will be required to pay upwards of $500,000 to an oppressed shareholder after a trial court found — and the Appellate Division confirmed — that she had entered into a valid agreement to transfer her shares in...

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