Approximately 3% of the LLC is owned by 2 individuals. The other approx. 97% is ownd by an Equity Partners Fund.....So, it gets back to what you said a few conversations ago. Since they own all the stock, would bankrupting the LLC still make them ultimately responsible for paying the employees if/when I decide to file a claim? Thanks.
Thank you Joseph. I think you're starting to get familiar with this situation. I look forward to remaining in touch with you.
Joseph, It's been more than a month since I talked to you about my problem with my employer in CA. I have held back submitting my wage claim to CA Labor Relations Board, hoping for a resolution. I have had a couple pay checks paid...., but as of this Friday they will still be behind 6 payrolls and all of my 2013 commissions (approx. $14k). One of my earlier questions to you had to do with "WHAT IF" the Partners who control 97% of the company decide to declare bankruptcy. You said at the time, the since they own an overwhelming majority and control all the decisions, they wouldn't be able to hide behind the corporate veil of their LLC. I have since discovered that, in addition to having final say regarding decisions, including what checks are paid, they also actually charge the company a Management Fee. I don't think they have been paid the fee, but it is there on our books according to someone I know who has seen them. The Partners insist that they don't want to put anymore money into the company because they have already paid approx. $2.5million over the last few years. The sales pipeline actually has several large "potential" sales that might happen this year still....That's part of the reason I have not filed my claim...If they happen, all this might remedy itself. But, it's also possible that they might not happen too. The President, who is not one of the Partners, has said that he wants to get all payroll, commissions and other payables caught up by the end of the year. My question is this: If the Partners already have $2.5 million in the company, wouldn't they be stupid not to pay the $100,000 for back payroll to the employess? If the State comes in and orders them to pay...., or shut down the company...., and take their loss, wouldn't that be their 2 choices? Please let me know if it would be the right thing for me to do to force their hand into making that decision/choice. Thanks. XXXX XXXXXXX
I do have an account now set up with JustAnswer. Not sure how to open it up as a new question. Should I reference my previous conversatons with you? Thanks.
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