Colo. Majority Shareholders May Face Civil Theft Liability
By Perry Glantz and Ryan Sugden (July 31, 2019, 12:35 PM EDT) -- Majority owners of corporations or limited liability companies who actively control the business and its finances have another worry to add to the list of day-to-day concerns thanks to a recent court decision in Colorado. Now, majority owners must worry about minority owners accusing them of civil "theft" if the minority interest owner believes the business should have generated profits for the owners, even when the company did not do so.
If a jury believes the company should have made profits but did not because of the majority owner's financial decisions, the majority owner can be responsible for paying the minority...
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