Business partner release

Cali415

New Member
Jurisdiction
California
This is in regards of a Scorp, business partner was proven to have stolen money as well as neglect his fiduciary duty. He then hired a lawyer and disappeared from the business. To avoid a criminal case, he agreed to be removed from the business, he also agreed to the following terms: waiver by all parties of all claims and indemnifying him from any liability following his disappearance. I now would like to remove him from the business and wondering what would be the steps I should take to make sure he's legally removed from the business, as well as making sure he won't sue the business for anything after the release.

Thanks.
 
You might want to contact an attorney & have an agreement drawn up to be signed by all parties.
 
This is in regards of a Scorp, business partner was proven to have stolen money as well as neglect his fiduciary duty. He then hired a lawyer and disappeared from the business. To avoid a criminal case, he agreed to be removed from the business, he also agreed to the following terms: waiver by all parties of all claims and indemnifying him from any liability following his disappearance. I now would like to remove him from the business and wondering what would be the steps I should take to make sure he's legally removed from the business, as well as making sure he won't sue the business for anything after the release.

Thanks.

When you meet with a lawyer, inquire about disbanding the S Corp, and creating a new one.

You might also research the efficacy of an S Corp itself.

You'll discover better, more cost effective options that protect your personal assets.
 
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