I co-founded a small tech company in Santa Monica with a close friend. Recently, I was shocked to discover that he had been engaging in fraudulent activities, using our business name without my knowledge or consent. This revelation not only jeopardized our business's reputation but has also made me concerned about potential legal ramifications. As someone who was entirely in the dark about these dealings, I'm grappling with understanding my standing and potential liability in this murky situation.
- As a co-owner, am I automatically liable for my business partner's fraudulent actions?
- How can I legally distance myself from these unauthorized transactions?
- What steps should I immediately take to protect my personal assets and reputation?
- Are there any specific legal provisions in California that provide protection in such cases?
- Can a commercial law attorney help in building a defense demonstrating my non-involvement?
- What potential legal actions can be taken against the partner who committed these acts?
- In the event of lawsuits against our company, what strategies can be adopted to mitigate damages?
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Photo of a modern office space in Santa Monica with a view of the cityscape. The office appears to be the headquarters of a tech company. Inside, a concerned individual (representing a co-owner) is seated across a desk from a commercial law attorney. The attorney is pointing to a set of documents that highlight the fraudulent transactions. The co-owner's expression is one of distress and confusion. On the wall, there's a framed logo of the joint business, emphasizing the weight of the company's reputation a...
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