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My son owns 40% of a company and has started it from the ground up with his partner. Now the partner says you own nothing and your not working hard enough so we are letting you go with any money. They alread cut his salery down $1000.00 a week. What can he do.

Submitted: 18 days and 13 hours ago.

Category: Legal

Value: $18

Status: CLOSED

State/Country relating to Question: California

Already Tried:
Talking to them on where I stand and they won't talk. They said I have been riding the coat tails of the other partner for 17 years. The other partner has no idea what we even do or how to make it.

Accepted Answer

Did you ever create a buy-out or by-laws for the company? If so, then the other partner must comply with the agreement or you can sue him for breach of contract. Otherwise, you can sue the partner for return of your investment if he simply took your 40% and let you go.

Accepts:
Expert:	D. WINOGO ESQ.
Pos. Feedback:	98.5 %
Answered:	11/4/2009

Attorney

8+years of experience in all matters of civil litigation and Hearing Officer/Arbitrator

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Question

My son owns 40% of a company and has started it from the ground up with his partner. Now the partner says you own nothing and your not working hard enough so we are letting you go with any money. They alread cut his salery down $1000.00 a week. What can he do.

Optional Information

State/Country relating to Question: California

Already Tried:
Talking to them on where I stand and they won't talk. They said I have been riding the coat tails of the other partner for 17 years. The other partner has no idea what we even do or how to make it.

Accepted Answer

Did you ever create a buy-out or by-laws for the company? If so, then the other partner must comply with the agreement or you can sue him for breach of contract. Otherwise, you can sue the partner for return of your investment if he simply took your 40% and let you go.

Law

Have your own Legal question?

Related Law Topics:

Question

My son owns 40% of a company and has started it from the ground up with his partner. Now the partner says you own nothing and your not working hard enough so we are letting you go with any money. They alread cut his salery down $1000.00 a week. What can he do.

Optional Information

State/Country relating to Question: California Already Tried: Talking to them on where I stand and they won't talk. They said I have been riding the coat tails of the other partner for 17 years. The other partner has no idea what we even do or how to make it.

Accepted Answer

Did you ever create a buy-out or by-laws for the company? If so, then the other partner must comply with the agreement or you can sue him for breach of contract. Otherwise, you can sue the partner for return of your investment if he simply took your 40% and let you go.

Related Legal Questions

State/Country relating to Question: California

Already Tried:
Talking to them on where I stand and they won't talk. They said I have been riding the coat tails of the other partner for 17 years. The other partner has no idea what we even do or how to make it.