How to do this legally...(in TEXAS)

[johnyazaro127]

Hey everybody...first post, and of course: need some advice!
Here is the deal: My employer is in the land development business, and wants to dump everything she has. I see the potential for huge profits down the road, and would like to go out on my own and make them myself.

Now my Q: Can I buy a piece of land from my boss, and sell in a couple of years without her finding out that I purchased it? I ask because she is very suspicious about selling property to people she knows, because she always assumes that they have an idea about how to make more money in the future off of the property than she does. (In this case it's true, I'll admit). Forget the ethical implications...she has treated poorly on many occasions, and I wouldn't loose sleep over her loss of profits. I'm not talking about stealing or embezzlement- but I wonder if I have a fiduciary responsibility to her. I would probably be handing her the offer from my land trust, or LLC, or whatever I set up, do I have to tell her I am making the offer, or is it her responsibility to do the due diligence?

 

[johnyazaro127]

Probably fraudulant, now that I re-read the question, but I wonder if I could "hint" of the possibilities to a friend and let him come to me with an offer?

 

[dee_dub]

Whether you have fiduciary duties to the company depends on your position in the company. The higher the position, the more likely.

Practically, I don't know about the law in Texas, but money-laundering and anti-fraud legislation in my jurisdiction makes it difficult to sell or purchase real property without disclosing your identity. Plus if you are a majority owner of your company or director, your name may be listed in your state's corporate registry.

All that aside, I see no requirement for you to tell her that you are the principal of a company making the offer.