Blog Archives

Fiduciary Duties Business Partners Have to Each Other

Business partners have duties to other partners within the partnership. This may seem obvious, but the scope of these duties has been developed over many years in California.   In general, the fiduciary duties that one partner owes to another partner are best described as the duty of loyalty and care. Duty of Loyalty A partners duty of loyalty involves many things.   It includes, but is not limited to the following duties: The duty to account to the partnership The duty to act as a trustee for any partnership property, profit or other benefit of the partnership The duty to refrain from maintaining an interest adverse to the partnership The duty to not compete with the partnership Duty of Care A partner’s duty of care is different

Tagged with: , , , ,
Posted in Business Ownership

Who Can Decide to Voluntarily Dissolve a Corporation

A corporation can decide that is no longer wants to do business, but in order to make this decision someone must act.  Depending upon the circumstances or the corporate bylaws, voluntary dissolution can be initiated by shareholder action, by action initiated by the board of directors, or where no directors are in place by the incorporators.  Generally, the decision to dissolve a corporation rests with the corporation’s shareholders. Briefly, here is a description of the three ways that voluntary dissolution of a corporation can occur. 1. Shareholder Action: According to Corporations Code section 1900(a) shareholders holding at least 50% of the voting shares of the corporation may elect to voluntary windup and dissolve a corporation at any time.  Because this is a fundamental right, Corporations

Tagged with: , ,
Posted in Business Ownership, Ownership

When Can a Business Partner Sue Their Business Partner

Ordinarily, partners cannot sue each other for damages based on partnership business, at least not until there has been an action for dissolution and accounting.  Malott v. Seymour (1950) 101.Cal.App.2d 245, 246.  The general rule is particularly applicable to claims for damages arising out of a manner in which a partner has conducted partnership and to breaches of partnership agreements.  The Court of Appeals, however, has ruled that the reason for applying this general rule are less forceful where the wrongful acts complained of are a breach of contract and a tort (a civil wrong).  Indeed, one clear exception to the rule is an action for damages for a tort “of such a nature that it not only terminates the partnership but wrongfully destroys it, and

Tagged with: , , , , ,
Posted in Business Ownership, Real Estate Attorney Los Angeles

Zachary D. Schorr’s Expert Appearance on the Dr. Phil Show

Zachary D. Schorr’s Expert Appearance on ABC’s Nightline

Contact Schorr Law

Super Lawyers

Zachary Schorr Superlawyers

Zachary D. Schorr has been named to the Southern California Super Lawyers (Rising Stars) list for attorneys in Real Estate for 5 straight years - 2012, 2013, 2014, 2015 and 2016. Each year, no more than 2.5 percent of the lawyers in the state receive this honor. In 2016 he was also included as one of the top 100 lawyers in Southern California in this category. The selection for this respected list is made by the research team at Super Lawyers.

Need Representation?

If you are currently involved in a real estate dispute, either commercial real estate or residential, and are looking for a Real Estate Attorney in Los Angeles with a cost-effective, results oriented approach designed to meet your case's specific needs, contact the attorneys at Schorr Law. Our real estate firm has the specific knowledge and experience necessary to get you the best possible results.

AVVO 10.0

Zachary Schorr Avvo Rating

Avvo Clients’ Choice Award Recipient

Zachary Schorr Avvo Client's Choice Award