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I bought into a company owning 60% and she has 40% can she…

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I bought into a company...
I bought into a company owning 60% and she has 40% can she be fired from the company and just get her dividend check
Submitted: 2 years ago.Category: Business Law
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Answered in 6 minutes by:
1/18/2016
Business Lawyer: Asad Rahman, Attorney replied 2 years ago
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2,556
Experience: Practicing Attorney with 10 years experience
Verified

Is she a company officer or manager or employee? You operating agreement or company bylaws should have a procedure for removing a manager or officer.

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Customer reply replied 2 years ago
She is listed as secretary and I am the president the CEO in the and legal finance advisor and is this being posted to everyone to read?
Customer reply replied 2 years ago
Can you call me
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

I can but just answer does charge extra.

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Customer reply replied 2 years ago
That is ok this is just the 23.00 only right?
So she can be fired is that correct.
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

Just chatting is the original charge. If she is an officer she can be terminated in the manner the bylaws or operating agreement allows.

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Customer reply replied 2 years ago
she can not stay and slowly run the business in the ground. I have not been in the business long and I am still paying off loan on this business
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

Without looking at your bylaws I cannot be sure. There usually is a method for removal. If she resigns that is optimal.

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Customer reply replied 2 years ago
Correct
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

I am happy to talk by phone if you are not understanding what I am trying to explain.

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Customer reply replied 2 years ago
Ok I think I got it. I will double check the bylaws. That is filed under the secretary of State
Correct
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

Sometimes they are but whoever you bought the company from should have it or perhaps she does as secretary.

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Customer reply replied 2 years ago
Ok thank you. You have been helpful. I just need you just this time. I do not want any monthly fees. I will use you again as needed. Thank you
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

If you can accept the amswer and rate it that would be appreciated. Any changes to your account you would need to discuss with customer service.

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Customer reply replied 2 years ago
Ok thanks
Business Lawyer: Asad Rahman, Attorney replied 2 years ago

Good luck.

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Business Lawyer: Asad Rahman, Attorney replied 2 years ago

Thanks for signing up for our service. If you still need assistance, I'm here to help. If not, could you kindly "accept" the answer and rate it so that I can be credited and can close it out?

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