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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 1611
Experience:  Run my own successful business/contract law practice.
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My request is for a lawyer who knows New Mexico corporate

Customer Question

My request is for a lawyer who knows New Mexico corporate law.
Submitted: 3 months ago.
Category: Business Law
Expert:  TJ, Esq. replied 3 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I'll be glad to help if I can.

What is your legal question about NM corporate law?

Customer: replied 3 months ago.
We own shares in a family owned corporation. Our brother has the majority of shares (61%) and runs the corporation totally as he sees fit. Assets were sold in 2013 and partially distributed in 2014. About 1/3 of the funds were withheld to cover future expenses on the remaining land for the next 10 years. I can provide these expenses, but assume they're not critical to the answer. The cost for a number of the items that funds were with held for are either at zero cost, or even a profit. The total expenses for the year were around $1200 and $155,000 has been withheld. We plan to request that the large majority of the remaining funds be distributed.1) Should the determination of funds to be with held be based on the amount of shares? Given the expense were about $1200 for the year. Should my brother be responsible for 60% and the rest of the shareholders be responsible for $480/year? Please explain.2) Do we have any recourse to force our brother to distribute the funds that have no bases this year for expected costs? Please explain.
Expert:  TJ, Esq. replied 3 months ago.

Hi again. I don't fully understand this question: "Should the determination of funds to be with held be based on the amount of shares?" Can you clarify?

Customer: replied 3 months ago.
Should the determination of funds to be with held be based on the amount of shares? My brother owns about 60% of the shares. He has to date withheld a huge amount of the funds. We want a fair distribution of those funds. Though the expenses were minor last year ($1200) he may argue that they will be much higher in the future and want to hold a large amount of money . If we have to negotiate, should my brother be responsible for 60% per year and the rest of the shareholders be responsible for 40% per year? I hope that's clear - I don't know how else to explain it. Please explain/provide proof for your answer.
Expert:  TJ, Esq. replied 3 months ago.

Hi again.

After contemplating what you wrote, I'm really sorry to say that I don't think that I'll be able to provide you with a useful answer. However, it's quite likely that another attorney at this website will be able to do so. Accordingly, I will open your question for other attorneys to review. Your patience is appreciated. :)

Customer: replied 3 months ago.
Thanks

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