I am a General Manager at a small retail leasing company (mall) grossing about $1,000,000 per year. Most of it goes to rent and utilities, but it is profitable.
The company I work for is a LLP
, with two equal partners (49.5%) and a General Partner (1%) that is the company itself.
It has been around about 10 years, and I was hired 9 years ago. I have worked full-time on salary to make the company into a profitable business
. The LLP was formed with no written Operational Agreement, just an informal agreement that has evolved over time.
I pretty much run the company, books, staff, payroll, rent, savings, banking. The partners drop in now and then, but they don't interfere with the company, except to take out money for themselves now and then.
Recently, one of the partners wants an active role, and has lost his real job and now wants mine and my salary. He has threatened to replace me with a bookkeeper and a part-time worker.
Logistic argument aside, is it possible for him to do that?
Does he need the approval of the other partner?
How can I fight this hostile takeover
of my position and income?
He probably wants me to quit, but I like my job and want to stay as long as he has no power over my decisions and how I do my job.