Hello everyone. I have a question regarding my corporation in Texas.
I founded a business few years ago with two other co-founders. The first co-founder and I collectively own 80% of our corporation, and the second co-founder (Co-founder X) owns 20%. We purchased a property in Texas for our business few years ago.
Recently, we found out Co-founder X (the one owning 20% of the corporation) put the property loan and the property itself under his name during purchase. He is currently planning to sell the property and pocket all funds from the sale.
100% of the down-payment came from company’s business account and each loan payment is made using company funds.
We tried negotiating and even settling the matter with Co-founder X, but he is not cooperating. We are forced to take this matter to court, but are not sure how to proceed.
Please advise us where we should take this case and what kind of lawyer we should contact. Will this case go to the local city or county? How can we prevent the sale of this property until the case is settled?
Thank you for your time.

