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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 53997
Experience:  Attorney with 29 years of experience.
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My cousin and I were equal partners in a family business

Customer Question

My cousin and I were equal partners in a family business located in Wi. Distribution of the final proceeds are now in question. All business debt has been paid off. We both have personal loans that were left in the corp that need to be paid out as of yet, but are not of equal value. From the down payment received from the sale, all employees that had previously "banked vacation weeks" that were owed them, were payed out to them. My current partners vacation weeks were either taken, or were paid out to him by check over the course of many years. I "banked" my vacation time over the course of years. I left the monetary value of those vacations in the business as to try to be of equal value to my partners personal loans (basically hours for dollars). My question is, even though my vacation weeks were not left in the corporation as a true business loan back to the corp, do my vacation weeks "legally" need to be paid out to me first, and/or do we need to pay off the personal loans first? I too was an employee of the corp at that same time, as was my partner and all other employees. I feel that I should receive the same benefits as all other equal employees, prior to the personal loans being payed out? Ken.
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Good evening. My name is ***** ***** I look forward to helping you.

If you were an employee, then your role as employee is separate and distinct from your ownership. As such, you are entitled to be treated with the same priority as all other employees. if the other employees were paid their unused vacation time before any repayment of loans from partners, then, as an employee, you too are entitled to the same payment. You can be discriminated against in your role as employee simply because you also happen to be an owner. Think of it this way....suppose this involved a public company such as Apple...just because an employee happened to own stock in the company, the company could not discriminate against that employee. Your situation is exactly the same.

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