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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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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