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We two are 50% owner of a Grocery store. The other gentleman

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We two are 50% owner of a Grocery store. The other gentleman own 50% and he runs the store. We agreed verbaly that he will run the store. Now, since it has been 1 year , he is not providing us any expense report. He is drawing rent ,salay and also emplyoed his wife in the store. He is not listing to us when we proposed a third party should run the store he disagree. and also not cooperating with us. He is telling us if we want to share the profit or any info we have to be in the store everyday. But we live in Florida and the store is in North Carolina. What should we do.
Submitted: 4 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 4 years ago.
Hello and thank you for your question. What do you want to accomplish
Customer: replied 4 years ago.
We like to run the store by an appointed manager and all the owner should visit timely since he as 50% owner running the store and getting all the profit and benefit. Our proposal he is not accepting. And also we don't want to allow to his wife work there.
Expert:  INFOLAWYER replied 4 years ago.
But your side only have 50 percent ownership right? Is there a management agreement? do you want to buy him out?
Customer: replied 4 years ago.
Yes ! we two brothers are 50% ownnership. and other gentleman is 50% owner who is managing the store. No Management agreement only verbal. No, we don't want to buy him out .We offer him to buy us out. He refused that proposal. What kind of legal action we can take to get him out as a employee since he is drawing all the profit plus principle. We had 50k deposit he expensed that too. Is there an way we the 1/2 owner can shut down the store or can we fire his wife who is not working but drawing salary. Thanks.
Expert:  INFOLAWYER replied 4 years ago.
You can bring a lawsuit to dissolve the company and then often one party buys the other.
INFOLAWYER, Attorney
Category: Business Law
Satisfied Customers: 51128
Experience: LICENSED BUSINESS LAWYER
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