We don't get along anymore and I am sure he gave himself a big raise to cut into the profits, so I can not get anything. There are no real assets of the company, but the business is there and has to be worth something. Is there anything I can do?
2006-10-18 09:34:45 · 3 answers · asked by Ryan H 1 in Business & Finance ➔ Corporations
I do not know of any interested parties to buy my ownership. Is there anything stopping him from raising his pay to cut into my profits?
2006-10-18 09:47:18 · update #1
We were partners in 2 companies. One company is dissolving, so all the assets are going with it. All new business is being run under this newer company.
2006-10-18 09:53:43 · update #2
There are no assets because a good small business shows no profits in the interest of avoiding double taxation. If I were you my man I'd go over my financial records with a CPA and a lawyer and try to sue for your share of the operating profits. Moreover when you established your LLC you should have some form of succession planning in order to determine one owners rights should they be disinterested in continuing the agreement, however I'd be more concerned with sueing for your 25% of profits, since you have entitled to 25% and he 75%.
2006-10-18 16:10:30 · answer #1 · answered by Alex F 2 · 0⤊ 0⤋
If there are no assets then there is no business? What did you invest your money in? What did you spend it on? How can you be 25% owner and if there are no assets? If he gave him self a raise with out approval of the board which is you then he has broken the law.
If your really have any money invested in this business you better get an atty and get your case filed. The whole business don't sound legal to me.. something sounds funny here to me.
2006-10-18 16:50:00 · answer #2 · answered by Don K 5 · 0⤊ 0⤋
Sell it to another interested party. If you have a 25% ownership... is there anything that says you can't sell your 25% to someone besides him?
2006-10-18 16:43:48 · answer #3 · answered by Suzuki_Mouse 3 · 0⤊ 0⤋