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Corporations Keyed to O’Kelley
Shamloo v. Ladd
Citation:
2003 WL 68054Facts
On November 1999, Shamloo filed a complaint for partnership contract breach; fiduciary breach; conversion; partnership dissolution; accounting; and appointment of receiver. The complaint alleged that around July 1995, Shamloo and Ladd formed Ginnytex, which hwas to incorporated in California but was not active. The parties did not complete all the required formalities to conduct business under Ginnytex. Accordingly, the corporation operated under an oral partnership agreement. Shamloo contributed sweat equity, which was in the form of labor, knowledge and expertise in the industry. Shamloo devoted approximately 50 percent of his time and energy. Ladd was alleged to have breached the partnership agreement by failing to pay Shamloo his share of partnership assets; converting partnership assets; failing to pay creditors of Ginnytex.
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