Female Minority Shareholder not getting equality
I am a 20% shareholder in an s corp with three men. The father owns 30%, son owns 30% (who does not work in this company) and other 20% owned by employee as myself. I have great heartburn that I am not treated equal. We all make the same with our employment agreement strickly state that we can have no other employment which the son does. The father and son have expense accts but do not use the money related to this compnay. They trade company cars at their own leisure and when I have asked to trade car -no way. The son put stuff an co. credit cards that are personal but I am required to pay it thru the company. This is only the beginning. Do I have the foundation for a case? The father demans me in front of my office staff anytime to try to get him to balance things out. A few months back I asked that the copany buy my shares back and except my resignation and they consulted with an attorney that suggested they terminate me so I would starve and accept less for my shares. I only requested the same amount the son had son some of his shares back to the company for when he needed money. Then without any of the other shareholders vote his shares sale was changed to a loan on our books and he still holds his 30%. I am in this business day to day and just can not standd up to this any longer. This compnay and my shares were to be my retirement but continnuing this way is no longer releastic.
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rights of minority shareholder - do I have a case Attorney answers (2)
This is a very common story in partnerships -- the majority teams up on the minority, and essentially fleeces the company for their own personal benefit, to the tune of new cars, entertainment and cash.
If you can document that the partners have expended company funds for personal benefit, and that they are in breach of the agreement, you might have a good case. If you need legal help with this matter, we might be able to help. Contact THE MAMOLA LAW FIRM at (800) 440-5294. We are located in California, but might be able to help. 1 person marked this answer as good
Christian K. Lassen II, licensed in Pennsylvania and New Jersey
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http://www.avvo.com/attorneys/98101-wa-avvo-mod... If you do not have an employment or other agreement that prohibits the disproportionate treatment, then you you probably don't have a case. They cannot take the 20% from you but your boss can terminate you. Why not find another job and simply hold on to your 20%? Find Financial Markets And Services Lawyers |