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MShore Law
MShore Law, Attorney
Category: Business Law
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Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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During a past meeting in 2010, it was suggested to pay a certain

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During a past meeting in 2010, it was "suggested to pay a certain employee profit disbursements until retirement age". This was recorded in the corporate minutes and no further minutes evidence that this was agreed upon. The 3 owners of a company are unsure as to the company's obligation to this suggestion. The employee is now an ex-employee as of Dec 31, 2010. I am the new finance manager and would like your assistance.

Thank you.
Submitted: 5 years ago via LawDepot.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. unless there was a written agreement solidifying this obligation, the company has no obligation to actually act on that suggestion and can contend the obligation to pay the profit disbursements was premised upon continued employment. Please let me know if you have any follow up questions.
Customer: replied 5 years ago.

I do have one more question, The 3 owners were aware the employee would be leaving the company at the end of 2010. Does this change anything?



Expert:  MShore Law replied 5 years ago.
Not unless there was some expression to the employee of the intent to offer such compensation and the employee relied on that representation as an inducement to depart the company.
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