I own a recruiting company and it is an S corp.
I took 30,000 out of my personal 401k and went into partnership
with someone buying gas royalties.
He formed an llc
in one of his friends name and he is registered as the president. I am not a manager or a member listed with the state if this llc. I am the CFO of this llc and VP of this llc or atleast that is the way i sign documents.
He and i have a partnership agreement. He is 51% and I am 49%
His x employer has sent him a letter that he did do act in the best interest of the company while employed with them and they say that he has some of their information. He had no non compete, no handbook and no contract
with the company. They want money from him and they want the minerals that we have purchased with the money that I invested into the company personally-24,000$ and my recruiting company invested around $6,000.
The llc he formed is what we do all of our financial transactions out of. We have not paid ourselves or used any of the money personally. It has all been for purchasing minerals and for advertising.
We formed another llc in my name that we park the minerals in that we want to keep. In the mineral acquisition business
we are required to sell some and keep some.
Anyway his x employer wants the minerals from the llc that I have ,only in my name.
They sent him a letter directly and requested he pay them a certain amount of money and give them all of the minerals.
I use the office address that i have the recruiting company at as a place to get mail and that is where the second llc is registered to. If they sue him and the llc's are they able to drag my recruiting company into it and are they able to sue me personally?