Corporate law vice presidents rights

Business Assets 5 views 2 answers
My father owns a small corporation in Massachusetts, he was recently injured (with a long term injury) he was the president and I am the vice president. Without him the business makes no income, but still generates bills and has debt. So I was wondering if it is within my legal right to sell the business' assets and close the business?

Attorney Answers

2
Jessica Ann FoleyCriminal Defense AttorneyWeymouth, MA ·
There are a few issues that arise, my first question would be - how severely is your father injured? Is he competent? If he is not competent has he appointed someone power of attorney. If you own the business together, you cannot sell without him. I would contact a business attorney as soon as possible.
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Kenneth Sprang ·
You said your business is a corporation--I assume a Massachusetts corporation. In that case, only the Board of Directors can vote to close the business. Neither your father nor you could sell it without Board approval. If you operate as a close corporation where shareholders run the company, then a vote of teh majority of shareholders would be necessary to sell the company.
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