Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

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

I am a 25%...

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?

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Maryland and yes I am waiting to hear from him on Monday.

Lawyer's Assistant: Has anything been officially filed? If so, what?

No resignation letter from me. The resignation letter was drafted by the office manager but does not have my signature

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

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

Show More
Show Less
Ask Your Own Business Law Question
Answered in 7 minutes by:
8/13/2017
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 125,320
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified
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: 125,320
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified
Law Educator, Esq. and 87 other Business Law Specialists are ready to help you
Ask your own question now
Customer reply replied 10 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.
Ask Your Own Business Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 125,320
125,320 Satisfied Customers
Experience: All corporate law, including non-profits and charitable fraternal organizations.

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

2,002 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

778 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

678 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

604 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I have a small business and have a question about W-9 and
Hello, I have a small business and have a question about W-9 and how much can I use a person who I pay per contract. … read more
Eric Y., Esq.
Eric Y., Esq.
Law/J.D.
320 satisfied customers
Me and my sister in law are starting a small business in
Hello me and my sister in law are starting a small business in oklahoma and we don't know where to start with the legal part. We are going to be selling cannabidiol oil. Do we need a sales tax permit … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
968 satisfied customers
Had a business fraud happen to me. Bought into a partnership
Bought into a partnership an as soon as I gave the money, she locked me out of the business an didn't return my money … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,476 satisfied customers
Small business service provider that contracts with local
Small business service provider that contracts with local business (client) and that party fails to pay for service's how can that company place a lien on clients business what are the legal steps?… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,476 satisfied customers
I have a business that is a partnership set up as a s
I have a business that is a partnership set up as a s corporation. I made the mistake of signing a bill of sale to sell my 50% share of my partnership and the buyer has put down a deposit of 5k with 8… read more
Attorney 1
Attorney 1
2,674 satisfied customers
Our company is a small business in California. We are
Our company is a small business in California. We are offering medical insurance to our employees. Currently we offer a PPO plan and a FSA plan to our employees, however, starting next month the compa… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,165 satisfied customers
I'm working on starting a small business and I need advice
Hi, I'm working on starting a small business and I need advice on how to make it legal. … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
968 satisfied customers
I am in a business partnership with my sister which is a
I am in a business partnership with my sister which is a salon an LLC. The question is one employee which is a contract employee is soliciting business for a salon my sister is opening up. Also the co… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
125,320 satisfied customers
We own a small business with around 30 employees and we'd
We own a small business with around 30 employees and we'd like to facilitate them getting health insurance. Buying into a plan is completely out of the question due to the cost. However, in looking th… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
968 satisfied customers
I closed a small business (sole Proprietor) that was losing
I closed a small business (sole Proprietor) that was losing a lot of money. I am paying off all the liabialities. CAn I write this off? If so how?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
I'd like information regarding a small business that I'd
Hi. I'd like information regarding a small business that I'd like to get started. Can you help me out please? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,165 satisfied customers
I am a small business owner operating for 30 years, it has
I am a small business owner operating for 30 years, it has been a struggle from the beginning to get manufacturers to sell to me, but I have made enough impact in the industry that the manufacturers n… read more
MDLaw
MDLaw
Attorney
Post-Doctoral Degree
358 satisfied customers
I was the bookkeeper for a small business that is now
I was the bookkeeper for a small business that is now closed. I recently learned that an error was made regarding payment to a credit card provider for lease equipment. Payment to the provider continu… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
12,279 satisfied customers
I own a small business and rent a suit in a building on a
i own a small business and rent a suit in a building on a corner lot. our land lord changed the address on the building to the other lot without letting any of us know. i now have several packages i n… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
12,279 satisfied customers
I own a small business. There was an incident that 2
I own a small business. There was an incident that 2 employees were accidentally recorded by a go pro that was left on record, again accidentally. The 2 employees were unaware they were being recorded… read more
Andrew
Andrew
Attorney
Juris Doctorate
360 satisfied customers
A small business owner in Texas is getting evicted from the
A small business owner in Texas is getting evicted from the establishment in which her business is conducted due to not paying rent. She lives in another town and will no longer be conducting the busi… read more
Thomas Swartz
Thomas Swartz
Attorney
Juris Doctor
2,895 satisfied customers
If your small business is broken into and the police are
If your small business is broken into and the police are called, will they allow you to take your ledgers, payroll book business numbers and unpaid bills with you. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,247 satisfied customers
I have a small business I have two contracts in a mine two
I have a small business I have two contracts in a mine two different planners asked me to do work I was told by several mine employees that one was the priority so I did that work the other planner go… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,165 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x