By William J. Piercy
A common issue faced by the corporate officials of a closely held company is whether they are obligated to pursue new all business opportunities presented to them on behalf of the company, or whether they may do so on their own or with others. A corporate opportunity …
by William J. Piercy
In Nationwide Mortgage Services, Inc. v. Troy Langley Construction, Inc., 280 Ga. App. 539 (2006), Nationwide was a “hard money lender” in the business of making loans secured by residential properties. Nationwide also rehabilitated and resold the properties that it acquired, often through the foreclosure process. …
by William J. Piercy
Gardner v. Marcum, 292 Ga. App. 369 (2008). Seeking funding to record and promote their music, musicians Gardner and Steele entered into discussions toward the possible investment of $150,000 from Marcum. Although the details of the transaction were never finalized, Marcum provided $50,000 …
by William J. Piercy
Many closely-held businesses are owned by a two or more individuals who are (or were) also friends, family members, or former co-workers. Because of their prior relationship, these individuals enter into their business relationship with a certain amount of inherent trust. Because they …
by William J. Piercy
Aaron Rents v. Fourteenth Street Venture, LP, 243 Ga. App. 746 (2000). The Court of Appeals affirmed the trial court’s determination that a partnership existed where an association formed by agreement between a judgment debtor and another individual constituted a “partnership,” though the agreement referred to the …
by William J. Piercy
Kellett v. Kumar, 281 Ga. App. 120 (2006). This case highlights the importance of complying with the express terms of a partnership agreement. In 1980, Surender Kumar, Veeni Kumar, and Ellen Troup (collectively, the “Limited Partners”) invested and became limited partners in Westbury Associates, Limited Partnership (“Westbury”). …
by William J. Piercy
Yun v. Um, 277 Ga. App. 477 (2006). In this business divorce case, Mr. Yun and Mr. Yi began their business relationship as employer-employee. Yun, the owner of several businesses, employed Yi to manage a (largely unprofitable) grocery store that Yun owned for approximately ten years. In …