I Have an Incorporated Business with My Brother, How Do We Determine How to Manage the Assets Between Us?

Share the Knowledge!

“I have had a business (incorporated) with my brother for about 10 years. We filed joint corp taxes all the while but I did not add my name to the corporation until it was in the last year. My question is this: the company has had a computer of great value. He has it in his home (not used) and I wish to have use of it or have it sold so I can get another. Is there any recourse or legal avenue I can take for me to have access to this system or force the sale of it? Or is it possession is 9/10ths of the law? Unfortunately, he is not of the kind to allow me access but will keep it until he decides to use it or not. What can I do?”

[NOTE: Articles and answers on DearEsq., while written and published by lawyers, do not constitute legal advice, and no attorney-client relationship is formed by your reading of this information. You should always consult with an attorney for any legal situations.]

Generally speaking, assets of a corporation belong to the corporation and not any one individual. You should consult an attorney in your area familiar with corporate legal issues as there are usually very specific steps that a ‘shareholder’ or ‘owner’ must take with regards to corporate assets and property, and these steps may differ depending on the asset, the type of business (i.e., corp, LLC, etc.) and the state in which your business is incorporated.



Share the Knowledge!
Share:

Author: House Attorney

A house attorney has answered this question.