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I am a 25% partner in a small business. I have 250 shares

that I owe 175000to the...
I am a 25% partner in a small business. I have 250 shares that I owe 175000to the majority partner outlined in a promissory note. In our contract the majority partner can terminate me which the contract says I am no longer a member and therefore have no rights to the business. A situation occurred on July 26. As of July 27 my gas card was turned off my office cleared out my personal belonging were thrown away I no longer had access to email stopped getting a paycheck. Also I found a letter that was drafted stating my Resignation was effective July 26. I still had hopes of working out the partnership. Does if appear tha f2f ibwas,fired and would I still be obligated to the contract which again states that if I am terminated I am no longer a member?
JA: What state are you in? And have you consulted a local attorney?
Customer: Maryland and yes I am waiting to hear from him on Monday.
JA: Has anything been officially filed? If so, what?
Customer: No resignation letter from me. The resignation letter was drafted by the office manager but does not have my signature
JA: Anything else you want the lawyer to know before I connect you?
Customer: Before I found this resignation letter the majority partner was supposed to discuss with me terms of leaving the partnership including removing my name from the lease cancellation of the promissory note but he does want me to adhere to a no compete also my union benefits were not paid for August. But does any of this matter since the contract states I was terminated and an no longer a member
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Answered in 7 minutes by:
8/13/2017
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,555
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
It appears you were fired, not that you resigned, since you never submitted any such resignation. If your contract says your membership is terminated upon termination, you still need to cancel the promissory note and lease and the company needs to do that pursuant with your contract or you could still be liable on those contracts you are named in.
The non-compete remains a valid contract, so it has to be honored separately, just like the promissory note and lease removal have to be honored upon your termination. Also, they need to pay the union dues up to your last day of work, so if you were terminated in July, August payment would not be due.
Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,555
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified
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Customer reply replied 3 months ago
Regarding the situation from my previous question about my termination. My contract says that the principal member can buy my shares after a valuation is done or he can choose not to buy my shares. If he chooses not to buy my shares do I still have ownership of the shares? Would this mean I am still connected to the company as an investor? Am I entitled to profits or losses just like owning stock?Also, the major reason I want out of this partnership is that I learned that my partner is involved with kickbacks. I want to be out free and clear but I don't want to look like I'm committing blackmail or extortion
Thank you for your reply.
If they do not buy your shares, you still own them and would collect like any of the other shareholders.
Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.
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Law Educator, Esq.
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