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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45934
Experience:  32 years of experience practicing law and a businessman.
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I managed a hotel as managing partner for 5 years; i have the

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I managed a hotel as managing partner for 5 years; i have the smallest share among total 6 partners, and last month i chose to quit the management position due to bad business and partners 's concerns about paying me the management fee like before when business is not as good as before; Another partner took over the management On October, and refused to pay my September management fee-, instead, i owe them money of around $12,000.00! To give it a reason, she sent to me a " preliminary review " on the previous book and report that were provided by my office , putting some charges back on me, for example, the late payment penalty from city 's occupancy tax,(the ownership dose not have enough fund to pay tax on time), my minimum management fee- since it is not put in written, even though they have been paying it in the past, they want the money back, My portion is very little, and i do want to withdraw my investment out of the pool,and i need to get paid of my last month fee, please help
Submitted: 4 years ago.
Category: Business Law
Expert:  Richard replied 4 years ago.

Good evening. I can understand your frustration over this issue. And, you are on solid ground regardless of whether your management fee arrangement is in writing.

 

1) You are entitled to be paid your September fees in accordance with the same manner they paid you for all previous months. 2) They are not entitled to charge you personally for the late payment penalty which was beyond your control...the business cannot create a situation where you cannot perform and then penalize you for non-performance. 3) I don't know if there is any kind of a buy-sell agreement for your interests in the business, but they should pay you the fair market value of your interest and you can withdraw. 4) They only negative is that they can take you out of your management positiion going forward due to their majority ownership position.

 

If they will not agree to any of this voluntarily, you should file a lawsuit to collect was is due you plus court costs and attorneys fees.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard, Attorney
Category: Business Law
Satisfied Customers: 45934
Experience: 32 years of experience practicing law and a businessman.
Richard and 7 other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
Should i send out a letter in demand for my fee and my investment shares first and then seek further legal action? The hotel is currently listed for sale, can i demand my share to be calculated based on the fair market value as listed in selling price?

Thank you very much for your answer, it is very helpful, can i know your name?


Expert:  Richard replied 4 years ago.

Yes, I would send the partners a demand letter...certified return receipt requested. Give them a chance to comply voluntarily. Yes, the proposed selling price would be a fair starting point, though they will likely want to determine what the "net" proceeds from the sale would be rather than the "gross"...which is fair.

 

We are not allowed on JustAnswer to give out personal information, but if you have any questions you need help with in the future, you can always direct to me here at JustAnswer and I will be happy to help you out. Have a great evening!

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