Home > Research Legal Advice > Limited Liability Company (LLC) > As a 3% owner of a LLC, what am i entiled to? review the books? corporat...
Asked about 3 years ago - Brooklyn, NY
Flagmy mother owns 97% and she plays games with me for over 10 years. hiring me,firing me, and now she cut my salary in half and then back dated it by 2 weeks. i quit after that and she then sent me a bill for expenses on the corporate credit card. these were legitmate expenses but she's forcing me to pay back the company because of our personal differences. she also didnt pay me for my last pay check. i have no job now and i would like to know my rights. i tired of being bullied by her and her accountants and attorneys and not knowing my rights. please let me know what I can do or what i'm entitled to.
There is a section of the corporate law (general obligations law) 319 that provides for the rights of someone who is a minority shareholder (less then 50%) in a closely held corporation. That gives you the right to demand an accounting and would allow your mother to buy you out when the accounting is completed.
Depending on the size of the company and how many employees it has you may have other rights as an employee.
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