How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Marc Colen Your Own Question

Marc Colen
Marc Colen, Attorney
Category: Business Law
Satisfied Customers: 9
Experience:  25 years experience, state and federal litigation, intellectual property, business law.
Type Your Business Law Question Here...
Marc Colen is online now
A new question is answered every 9 seconds

i am 24% owner of a family business, the other 76% forced me

Customer Question

i am 24% owner of a family business, the other 76% forced me out. how do i go about getting the dollar value of my 24%, without going through the expense of a costly attorney. It is a subS corporation and there are no buy sell agreements that were ever signed.
Submitted: 5 years ago.
Category: Business Law
Expert:  Marc Colen replied 5 years ago.
Hello,

How did they force you out? I don't know of any way without you agreeing. The other owners owe you a fiduciary duty and may be liable for punitive damages as a result; that can bring in a lot of money, as much as over 9 times the actual damages.
<br />
<br />All of the books of the corporation should be available to you and you should be able to see them and evaluate the value of your holdings based on that.

You are in a very strong bargaining point and you really need to talk to a local attorney about the best way to resolve this easily. If there is enough money involved you may be able to find someone to take the case on a contingency basis. Based on the limited amoun, I would certainly consider doing so.

If you are satisfied with this response, please accept by pressing the GREEN ACCEPT.

POSITIVE FEEDBACK is appreciated.

If you have a follow up, just ask.

This response is for educational purposes only and does not create an attorney-client relationship.

Marc


Customer: replied 5 years ago.

The mother (51% owner) and brother (24 1/2% owner)

 

My brother left the business 2 years ago ammicably. I was trying to buy out my mother and my brother and i was unable to get financing. At which time, my mother signed her shares over to my brother and he told me that he was coming back, and he was my boss, and i would be working 90 hours per week because he had another job (and the brother was not going to be a full time worker) at which point i resigned. The problem is i hired, which i thought was a good attorney, i have a pile of attorney's bills totalling $30,000 and i have nothing in the end!!

Expert:  Marc Colen replied 5 years ago.
Your brother is not your boss and cannot make any such demand of you - it is clearly a breach of fiduciary duty no matter how much of the stock he owns.

What do you mean by saying you resigned? Did you just refuse to work for your brother or did you give him your stock. If you just walked away from working then you still have full ownership of the stock and have full recourse against him.

However, if you gave back the stock then you need to look at the agreement to see what you waived. Regardless, the Statute(s) of Limitations have run. If it has, then you have no recourse.   

Did your attorney get well into litigation? That is a VERY big bill if he did not and you certainly have recourse against him just for that. First thing I recommend is to tell him to justify every item on his bill. You should be entitled to that. Then you can ask him to justify everything. He will be very mad but you should be entitled to it. He may offer to waive a part of his fees and you can negotiate that. Don't give very much if did not much.

You can also contact your state bar association to see if there is rule about overcharging. They may be able to get your bill back to reasonable.

The last thing is to contact a different attorney and see if malpractice was committed. If so, your new attorney may be able to settle easily with the bad guy's insurance company. If there was incompetence the state ar may be able to bring charges and get you full restitution.

Good luck!

If you are satisfied with this response, please accept by pressing the GREEN ACCEPT.

POSITIVE FEEDBACK is appreciated.
If you have a follow up, just ask.

This response is for educational purposes only and does not create an attorney-client relationship.

Best,

Marc
Marc Colen, Attorney
Category: Business Law
Satisfied Customers: 9
Experience: 25 years experience, state and federal litigation, intellectual property, business law.
Marc Colen and 9 other Business Law Specialists are ready to help you
Customer: replied 5 years ago.

No stock was handed over and i refused to work under those conditions with him setting the rules, my hours or him being my boss after 20 years in the business.

i maintain my full 24 1/2 % ownership.

 

When he demanded (after my mother signed over my shares) that i was NOW work ing for him and the hourse were going to be 8-8 Fri, Sat 9-6and 8-2 on sundays that is when i told him that i officially resign from the company.

 

Once again, i still maintain 24 1/2% ownership of the corporation.

Expert:  Marc Colen replied 5 years ago.
You got it! You resigned from the company employment and did not in any way give up your stock. It's a shame that you're not where I am. I'd love to crush your brother, which is thing that I really love doing!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1162
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1142
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    393
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    301
    13 years practicing attorney, MBA