This is the first of a three-part series called betrayed in business, today we will address the issue of the obligations someone who controls the company has to that business a CEO. For example or a manager in an LLC, there are three duties that typically are implied and expected of management. First is the duty of loyalty they’ve got to be loyal to the business a duty of care, their decisions must be well thought out and a duty of obedience, they’ve got to follow the directions of the control persons in the business in situations where lawsuits occur.
The person in charge either has sticky fingers they take company money for themselves they use company dollars for personal expenses or lavish expenses and they have the friends and family on the payroll. The person that basically stole from the company would be liable for violating his or her fiduciary duty to the business for more information about a breach of fiduciary duty, follow me because of the Vethan Law Firm your problem is our business.