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I own 12% of a very lucrative company, the majority partner now says that I do not have any ownership.

Sacramento, CA |

The majority partner will not give me any info on the company.

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Attorney answers 6

Posted

As much as I enjoy helping clients resolve matters just like this, responding to your question (statement) is impossible. What sort of business entity is the company? Why do you believe you own 12%? Did you make a capital investment in the company? Do you have share certificates? These are all questions an attorney will need to ask you before they can help you understand your rights. Feel free to give my office a call if you would like to have a meaningful discussion about this matter.

To schedule an appointment for an attorney-client privileged consultation, contact me at 530-231-4949. This response is not intended, nor should it be construed as legal advice. Any information provided is for educational purposes only. The exchange of communications through Avvo.com and similar social media does not establish an attorney-client relationship with me or my office. Thank you.

Posted

It is difficult to provide any advice without more information. Do you own shares in the company? Is it an oral agreement or written? Is the company a corporation? Please contact me to discuss further.

Barron Law Corporation Sacramento and San Francisco. 916-486-1712 or 800-529-5908. No attorney client relationship is created by this answer.

Posted

You have not asked a question and therefore it is impossible for anyone to respond in a helpful way. However, it appears from your statements that you and another person disagree regarding your interest in a company. If so, you need to pay for and retain counsel if you wish to assert your claim. Good luck.

I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for general information only. They are not legal advice. Answers must not be relied upon. Legal advice must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for legal advice. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference

Posted

You need to consult with a business dispute lawyer in the Sacramento area to provide many more details about your situation if you want some real advice. Two lawyers from that area have responded to you and invited you to call them. Call one or both of them today. Good luck.

I am not your lawyer and an answer on AVVO is not intended as legal advice but is provided for general informational purposes only. If you desire legal advice, please consult a lawyer and form an attorney client relationship.

Posted

I am handling a case like this right now. You need to see a business litigator immediately. You need to prepare a written summary of all your facts and whatever written documentation you have supporting your claim. I am in favor of using "local" attorneys to you and Avvo has a lot of very fine business litigators to choose from .

The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.

Posted

As I think many of my colleagues are pointing out, the main issue will be one of proof. Ownership of a percentage of a company, if it is privately held, does not require any formal documentation. I recently won a case in which a privately held company failed to tender to its former COO his 6% equity interest in the company. These are complicated cases that require a high level of expertise in which to succeed.

Since you have such a large share of the company, I'm assuming it's privately held. If it's publicly traded, other rules apply as well.

If the majority partner has told you that you don't have any ownership, and you believe you do, there are actions you can take. Among them is filing a claim for declaratory judgment based on anticipatory breach of contract. That means that, even though they haven't necessarily breached your contract yet, they've told you they're going to, and you want the court to declare that you are in fact an owner of a 12% equity interest.

Take some time to put together the facts you will need to demonstrate your 12% interest. Good luck with however you decide to proceed.

Sincerely,
Craig T. Byrnes
www.ctblawfirm.com

Disclaimer: Please be aware that I am not offering legal advice, nor forming an attorney-client relationship with you. I am not representing you, nor doing anything to protect your legal rights. If you believe that you have suffered a legal wrong, take action before any statute or limitations expires, or your right to do so may be lost forever. Good luck in your legal matter.

Craig Trent Byrnes

Craig Trent Byrnes

Posted

In addition, if you can prove you are entitled to an equity interest in the company, you can require them to open their books to you so you can figure out what the exact value of the company is.

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