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Legal Ease
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Category: Canada Law
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I own 2% (since 2006) of a limited partnership created under

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I own 2% (since 2006) of a limited partnership created under the laws of BC. Glacier media owns 83% and someone else 15%. I used to be a director in that limited partnership but I am not anymore since 2011. However, I kept the 2%. The limited partnership used to make profits therefore 80% of the cash-flow were redistributed to the partners. Since 2010, Glacier have re-injected 1.5 millions in the limited partnership because it was loosing money. I was never made aware of those money re-injections nor kept informed of the yearly financial statements . Now Glacier is telling me that I owe them $31,000 (2% of 1.5M) or they are offering to erase my debt if I give them back my shares. What are rigths and options? Thanks
Submitted: 8 months ago.
Category: Canada Law
Expert:  Legal Ease replied 8 months ago.
That doesn't make sense.If they loaned money to the corporation that is a shareholder loan. It doesn't mean you have to loan money to the corporation unless there is something in you shareholder agreement that states you will make shareholder loans automatically if someone else does and will do so in proportion to your ownership.So you can say you don't owe the money and will not give back the shares. But if you are not sure what is in your agreement you should have a lawyer review it first.

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