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UNDER MASSACHUSETTS LAW: In a closed corp - all family

UNDER MASSACHUSETTS LAW:In a closed corp - all family members (5) ..... can the majority shareholder :force the minority shareholders to sell their stock to him?decide to reduce the shareholder disbursements and hold in reserve without a valid corporate purpose ?

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Richard - Bizlaw

Juris Doctor

9,808 satisfied customers
Law Educator, Esq. ONLY., ( The regular with second appeal.)

Law Educator, Esq. ONLY.,( The regular with second appeal.)It is well established law that courts have intrinsic powers, independent of statutory provisions authorizing the opening of judgments and to vacate any judgment obtained by fraud, duress or mutual mistake. In re Salvatore P., 74 Conn. App. 23, 27, 812 A.2d 70 (2002), cert. denied, 262 Conn. 934, 815 A.2d 135 (2003).I am now thinking that using this case law above is not appropriate for my case because I did not file a motion to vacate the previous case that plaintiff conspired with the attorney to fabricate invoices, falsify entries and tampered with evidences to win the judgmentSince I did not file motion to vacate which I will file later, I can not use that case law because the judge in the new judgment on this appeal could not have vacated the previous judgment. All she could have done was to look at the new evidences and if they actually committed fraud on that case, then she can deny the attorney fees because of their fraudulent misconducts. what do you think?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,174 satisfied customers
I am a sole proprietor dentist. I purchased $181,000 in a

I am a sole proprietor dentist. I purchased $181,000 in a equipment in 2011. My tax preparer did not depreciate this over mulitple years but instead listed it in full during 2011 resulting in a huge loss of savings for me.

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CalAttorney2

Attorney

Doctoral Degree

20,178 satisfied customers
I own an interest in a successful restaurant and also one of

I own an interest in a successful restaurant and also one of the three managing members ..In that regard it became necessary for the restaurant to obtain a parking lot and also expand / loans in the amount of 500 k were secured thanks to my financial statement and pledge ( the loans would not have happened otherwise ) ; for that action I asked for certain things which were set out in a LOA between myself and the two other managing members ( one who also guaranteed the loan ) ; some of the provisions in the LOA included having one of the manager members obtain a key man life insurance policy , the creation of a comprehensive restaurant manual , etc .., and compliance with the terms was to be three months from the date of the LOA( 5/15/2015) ; as of today none of the terms of said agreement have been complied with and there is no discernible movement in that direction ...note : the last sentence in the agreement states " this agreement shall be legally binding on all the parties hereto, their heirs , successors , and or assigns .My question - what are my legal options in dealing with this situation ?

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CalAttorney2

Attorney

Doctoral Degree

20,178 satisfied customers
A few years ago I bought a friend's house from him so his

A few years ago I bought a friend's house from him so his lender could not take it. He'd strategically defaulted, failed to put his payments in a safe place while trying for a loan mod, failed to get one, and was looking foreclosure right in the eye.Our written deal was that he would pay a rent that amounted to 7% APR, as well as all expenses: insurance, tax, maintenance. In one year, he would buy it from me for 11% more than I had paid. The rent is probably about half the market rent; that was simply a mistake on my part. I didn't know the market and was happy with the exchange because of the 11% to to be forked over later on. We are now in year 3. He has done everything according to contract except buying the place. He's been waiting for his credit score to improve so he can buy it outright. I haven't inquired as to the reason. It's down payment, or credit score, or both, I assume, not disinclination. With ten percent down, his loan payment would be 60% of the current rent. (Recently, he raised his rent to 8.7% APR; still below market.)Things have changed since I made the deal. The estimated market value of the property has increased since I bought it at just under market value. It would now sell for as much as 90% more than I paid for it. I don't think I have to justify wanting to sell it for market value but I will say I am hurting for money. Buying it was a mistake; not having the cash to heal various weather and tenant-inflicted wounds sustained in my rental business has been awkward.it's clear that he is in breach of contract, but the contract doesn't say what would happen if he failed to buy it from me a year after I bought it. Null and void?The one thing I'd consider other than selling it for a nice profit would be to set up a new deal as co-owners; sell him a share of it, in other words. I'd like to get what I paid for it. He'd own a 52% share of the house and he could reduce his rent by 52%. Then, when ever he wished to, he could reduce it to zero by buying the other 48% from me.There's a risk that the market will fall and not be able to get up, of course, but I'd have my purchase price refunded (with possible tax consequences) and still have an okay return compared to returns from other uses of the money. The value of this house not a king's ransom, by the way. You might get a Lamborghini for what I paid for it.I think my unwillingess to up and sell has to do with my friendship with the guy. I do like him and he was an incredible help to me when I was new in town, and still is to this day; he's a contractor.I don't foresee the kind of problems that can't be solved with my purchase amount in the bank, which is enough to cover large expenses as they pop up for many years, so keeping a part of it the property's value ”invested" at 8.7% a year is as good a strategy for the rest of the market value (48%) as any I can think of. Maybe I don't want it there for life, though.Any thoughts on my proposal? See some pitfalls I should be aware of?

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RayAnswers

Lawyer

Doctoral Degree

35,860 satisfied customers
I am in a bad business partnership and would like to either

Hello, I am in a bad business partnership and would like to either force him to buy me out or dissolve the business all together. We started this business as a 50/50 partnership but my partner will not allow me to see the books, bank account or anything to do with this business. I have asked many times but he refuses (He keeps them all locked at his house to i cant get to them) He is also very abusive and has forged my signature on some documents I dont feel this is an equal partnership, so i would like out. My largest problem is not having a partnership agreement,he refused to sign one saying we dont need that. How can i legaly get out of this business without losing everything? Thanks

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TJ, Esq.

Juris Doctor (JD)

10,864 satisfied customers
I own a nail salon, one of my tech removed acrylic on 2 big

I own a nail salon, one of my tech removed acrylic on 2 big toes nail. After the acrylic removal, the customer complained that my tech caused a split in her 1 of her toe, and damaged her nail because she filed too close to her nail bed. Due to my absented, I didn't come over to check to see what was going on. She called the next day and asked for refund, so I did. To make the story short, she now want to file a claim against my salon because I was negligence. I take full responsibility, I offered her treatment but she denied, she only wanted money back. One thing I know for sure is she might have some damage nail already, that was the reason why she had acrylic on at some other salon. We do removal of acrylic and gel day in day out without any issues, and I trust my tech that she has over 25 years of experiences. My question here is should I talk to an attorney or talk to my insurance? Where will this head to?

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37,974 satisfied customers
What legal services can a person perform with a law degree

What legal services can a person perform with a law degree without being a member of the bar?

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LawTalk

Attorney at Law

Juris Doctor

33,070 satisfied customers
I understand you do NOT represent me in any form. when I

I understand you do NOT represent me in any form.when I attach a 2 page EEOC jpg pic file(private data removed), what should I do next?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,174 satisfied customers
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