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Joycer W | If my partner in our corp. up and leaves the corp. what should I do to protect myself against any legal action |
Additional Details
We both own equal shares, after 2 yrs. in business he feels it's not right for him so 6 wks. ago he left w/o any word of his plans for his shares. Now I received a letter from his attorney demanding 50,000 when he only brought 30,000 to the table to begin with. We formed this partnership with a productivity clause stating that both of us had to stay at a certain %. His was well below that % and mine was well above that % so I feel that I have carried this company most of the way and as I am aware that he is entitled to compensation for his shares I don't agree with the 50,000.
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girlwhoknowsitstrue
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If your partner owns part of the corporation, the articles of incorporation should have the process by which they can sell their share of the business - I'm assuming that's what you mean fur "up and leave" - if they just stop coming into work, they still own part of the business.
I'm not sure what legal action you're trying to protect yourself against - I recommend using an attorney for any matter in particular. |
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Still reading
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It this is a corporation, then the partner is entitled to profits from the business in proportion to the percentage of the business he/she owns. There would be no reason for you to have legal action against you, unless you are denying him/her an appropriate share of the profits. You must maintain books and report earnings to all corporate owners and, depending on the type of corporation, you must pay out profits to all owners, whether they work the business or not. Of course, he/she isn't entitled to a salary from the corporation. More critical than legal action is probably what the disappearing partner can take in the way of customers and good will.
I've read your follow-up. A productivity clause is useless unless you have an easy and documented measure of productivity. For example, if you co-own a real estate company, you could document that dollars collected from buyers and sellers equal productivity. But, minus this kind of easy measurement, there is no way this can be proven.
How much is the busines worth today? Is the demand because he wants you to buy him out? Is it his share of profits he wants? Either way, you're probably going to be involved in legal action unless all of this detail is documented in your original contract. |
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Danielle
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My goodness, it sounds like you need a lawyer! Your question seriously needs some more detail to elicit any sort of helpful answer. |
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ShortcutHerbal Goody
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Sounds like a liability issue you need a lawyer or at least an arbitrator a non-partial finacial body decision maker. You should've had one chosen before you even got into partnership. From what I see of what you say I think his part is worth $50,000. You may not have had as much business without him even if you carried most of the business yourself! He probably was going ask for more than what he's asking.. I think his amount is reasonable just for the time alone! If I had been your partner I'd probably ask for at least $60,000
you're lucky I'm not! A lawyer might get the $50,000 down to $45,000 but I doubt if it be any lower! I took a law course and being a lawyer isn't to my taste! Lawyers make more enemies than friends! |
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jim_elkins
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There should have been a partnership agreement drawn up by your attorney when you first started the company. The articles of incorporation is what gives your company legal standing in your state, while the partnership agreemen spells out who gets what in the event of a death, divorce - or parting of the ways.
It sounds like he is playing the "demand letter" card hoping to get more money than he is due.
Check with your attorney. |
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HT
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Happens all the time. Get a lawyer to draw up a separation agreement (it's a specific kind of mutual settlement and release agreement), by which the withdrawing shareholder sells you his/her share of the corporation to you, and agrees in writing that (i) he/she has no rights in any future profits of the corporation and (ii) releases you from any and all liabilities arising in connection with ownership and/or operation of the company.
After reading the additional info --
Again, get a lawyer and work out a settlement and release. Sounds like you are $20,000 apart. That's not as far as you think. If I was your lawyer, I'd advise you to work toward a compromise, because you could easily spend $10-20,000 just arguing and threatening to sue (if not actually suing) each other. Settlement negotiations are about posturing, and if I were advising you, I'll tell you to not rigidly stick to the $30,000, that there is a difference between the cash someone brings to the table, and what they think their shares arae worth on the way out. (I.e., the cash-to-the-table argument may not even value his or her share at book value, let alone a value that takes future profits into consideration). I'd also advise you that unless the agreement spells out in detail how to measure productivity, the productivity clause may not be that helpful because different people measure productivity different ways. At any rate, if your partner has a lawyer, you need to lawyer up, too. |
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