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Can co-owner wife 51%, close all business accounts without my knowledge and consent, and place in secret account I can not acces

Johnson City, TN |

Wife hints a divorce with great hostility, and then at her own action secretly closed all operating accounts, cash accounts, and access to any financial or company operation. All without discussion, proper corporate meeting, or any legal basis.removing me completely from access, approval/disapproval of company operation. Family owned Sub S for 16 years and I have 49% with complete management of financial and operation of company. She has no knowledge of business operation, and corporate obligations, having had only responsibility for marketing and business development. Seems to be attempty to gain sole control of couple hundred thousand in cash.

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Attorney answers 1


If she already closed the accounts, then, obviously she can do it. The bank(s) must have recognized her as having some authority to act for the corporation. However, if she is a corporate officer, then it sounds like she violated her duties to the corporation (called fiduciary duties) which require that she act in the best interests of the corporation and not put her personal interest ahead of the corporations' interest. The remedy is for you, acting on behalf of the corporation, to hire a lawyer and sue her for violating those duties and ask the judge for a Temporary Injunction restoring the corporation assets to their previous status so that the business can continue. Just because the wife owns 51% of the stock does not mean that she can violate her duties to the corporation.
I also suggest you consult a divorce attorney since you mention that as part of your wife's motivation.

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