Asked in Business Law for Delaware

Q: majority shareholder Dir dissolves the company and transfers the sole valueable ip to themself wo consideration

What is the procedure for notices for lack of care in fiduciary duties for a dissolved company?

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1 Lawyer Answer

A: You should consult with an attorney in Delaware to assess what is the best course of action. Several actions can be brought in contract (arising out of the bylaws or operating agreement), and in Tort for the unlawful transfer of the IP and unauthorized dissolution of the Company. Instead of sending a notice, you should consider sending a demand letter (if drafted by an attorney, even better), asking for payment for damages caused for the dissolution of the company and for the value of the IP.

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