Officers and directors within companies in Florida have many responsibilities. The most basic responsibility is to make sure that the business runs correctly and is profitable. In order to do this, they need to make sure that they maintain good relationships with potential clients and others who could provide the company with business opportunities. When these officers and directors receive various potential business opportunities they need to decide which ones are good for the company and which ones are not.
However, some of the business opportunities could be very lucrative and the directors may want to keep the opportunity for themselves. This could be a breach of their fiduciary duty to the company and could be considered a usurpation of corporate opportunity. Generally, directors and officers may not make a private profit based on an opportunity that came to them because of their position within the company.
However, certain requirements must be met to be considered a usurpation of a corporate opportunity. First, the company must be financially able to take on the business opportunity. Second, the opportunity must be within the company’s line of business and the type of opportunity that the company would normally undertake. If all these conditions are met when the officer or director takes the opportunity for themselves, then they could be liable to compensate the company for the profits they earned.
There are many different companies in Florida, and these companies conduct many different types of business. The companies are run by various officers and directors who must keep the businesses’ interests first. This includes bringing all business opportunities that are within the company’s line of business to the company to ensure that the business can make as much of a profit as possible. However, this does not always happen, and experienced attorneys may be able to help ensure that companies receive what they are entitled to.