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eBook details

• Title: Hooper V. Yoder
• Author : Colorado Supreme Court
• Release Date : January 26, 1987
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 57 KB

Description

This case presents issues concerning the incorporation of a business previously conducted as a partnership, and the effect of such incorporation on the rights and obligations of the partners with respect to each other. The plaintiff, David Yoder, and the defendant, Steven Hooper, formed a partnership for the manufacture and sale of frozen yogurt bars. Subsequently, they incorporated that business. After disputes arose between the parties, Yoder sought recovery from Hooper in Boulder County District Court, contending that Hooper had breached a fiduciary duty by causing corporate stock to be issued to himself but not to Yoder, and in drawing a salary from the business without the assent or knowledge of Yoder. After a non-jury trial, the district court agreed with Yoder, directed Hooper to transfer one-half of his stock in the corporation to Yoder, and entered judgment in favor of Yoder and against Hooper in the amount of one-half of the salary Hooper had received from the business. On appeal, the Colorado Court of Appeals affirmed. Yoder v. Hooper, 695 P.2d 1182 (Colo. App. 1984). We granted certiorari and now affirm the judgment of the court of appeals. Our reasoning, however, differs from that of the court of appeals in some respects.

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