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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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need to know my legal rights as a business partner? The corporation

Resolved Question:

need to know my legal rights as a business partner? The corporation is under one of the three partners. The person whose name is XXXXX XXXXX corporation has decided to do shady business and is refusing to disclose information regarding the business. He owns 50% of the buisness and me and the other partner own the other 50%.
Submitted: 1 year ago.
Category: Business Law
Expert:  MShore Law replied 1 year ago.
Thank you for the post, I am happy to assist you by answering your questions. What recourse do you seek in this situation?
Customer: replied 1 year ago.


I am hoping that we can come to a mutual agreement on the responsibilities and legal rights of each partner.

Expert:  MShore Law replied 1 year ago.
ok, and is your question to me whether you have the right to compel production of documents associated with the corporation as a shareholder?
Customer: replied 1 year ago.


yes, I need to know since my legal rights since my other partner and I are not listed on the corporation but we all agreed to a percentage of the business earning. My partner and I funded the startup of this business over 1 year ago. Now that the business is doing well and the other partner does not need additional funds from us to operate the business he is now holding back on financial reports and is now starting to email final numbers without any backup documents and we know for a fact that those numbers are not correct.

Expert:  MShore Law replied 1 year ago.
Was this agreement in writing?
Customer: replied 1 year ago.


no, verbal agreement but we have emails and payments (dividends) that were paid to us that shows our percentage.

Expert:  MShore Law replied 1 year ago.
Thank you, XXXXX XXXXX problematic because a percentage of profits is not the same as an equity interest in the corporation. Do the emails reflect ownership of shares?
Customer: replied 1 year ago.


yes

Customer: replied 1 year ago.

y e s

Expert:  MShore Law replied 1 year ago.
Great, then you can demand that the majority owner comply with his fiduciary duty to act in the best interests of the corporation, and demand access to the corporation's financial information for the purposes of reviewing its financials. If the majority owner refuses to supply or permit access to the corporation's books, then you should consider retaining counsel to contact him on your behalf threatening suit to compel production and enjoin additional acts of shareholder oppression.
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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