I am an owner of a family owned business (c-corp), it grew into a $50,000,000 a year in revenue business. I ran the business with my father for over 30 years with no input from my siblings. My father passed away 5 years ago and left my brother, sister and myself in charge of the business. My siblings had absolutely nothing to do with the company except for the quarterly check they would receive. Since my father's passing my siblings have tried to act like they have always ran the business. They do not listen to the sage advice I aquired from the years I worked for the company. I just want out of this toxic environment. The company is now a shell of what it once was. I live in a small town which is why I have posted my question on this forum. Any help would be greatly appreciated. Thanks
Your best option is to obtain a free consultation from an attorney who specializes in this area of the law. An attorney can best advise you as to the best strategy for achieving your unique interests. Do not wait, call an attorney immediately.
I agree with attorney Meroueh. A matter as complex as the one you describe must be thoroughly analyzed by a competent attorney before steps can be taken toward remedying the situation. The Articles of Incorporation, By-laws, and any shareholder agreements will be helpful in getting started.
This answer is meant as a public service only and should not be regarded as legal advice. Legal questions are extremely fact driven, so it is imperative that you consult a competent, licensed attorney before taking any action.
You need to have a lawyer review all of the corporate documents including the original formation documents and the minutes as well as your father's will. You need to determine the ownership of the business i.e. the shareholders and their percentage interest. The shareholders are the ones who vote for the directors who in turn hire the officers, etc. There are rights that a minority shareholder would have.
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