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I am currently a minority shareholder in a privately owned…

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I am currently a minority...
I am currently a minority shareholder in a privately owned company. I was an Executive Manager with the company for 10 years and was terminated recently because I refused to contribute a pro-rata some of cash into the business (capital call) being requseted by the majority share holder/CEO of the business. Also I refused to sign an Indemity Statement being required now by our bonding surety of all shareholders due to our poor finacial performance. There has never been any issues as to my employment performance. Actually I had always been publicly praised by the CEO for my contribution to growth and health of the business. The CEO stated in the presence of others that he was terminating me becasuse of the above reasons. I was terminated for retalitory reasons as a shareholder and not as an employee. Do I have a case for recourse.?
Submitted: 8 years ago.Category: Employment Law
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6/16/2010
Employment Lawyer: LawTalk, Attorney replied 8 years ago
LawTalk
LawTalk, Attorney
Category: Employment Law
Satisfied Customers: 37,876
Experience: 30+ years legal experience and I keep current in Employment Law through regular continuing education.
Verified
Good morning,

I'm sorry to hear of your dilemma.

With the rare exception of the State of Montana, unless you have a written employment contract guaranteeing you a job and setting forth the circumstances under which you may be disciplined or terminated, then you are considered an employee-at-will.

At-will employees may be terminated for any reason—at any time, even a mistaken reason, they can have their hours or pay decreased and they can suffer a cut in their benefits, so long as it's not illegal or unlawfully discriminatory. Generally, employees who work under an employment contract can only be terminated for reasons specified in the contract. In your state, an employment relationship is at-will unless there is a defined duration for the employment contract or if the contract permits termination by the employer only under specified circumstances.

Unlawful discrimination would include an employer discriminating based upon a person’s Ethnicity, Color, Religion, National Origin, Gender or Disability.

I'm afraid that your stated facts do not indicate either an applicable employment contract between you and the corporation, nor any particular company policy which might have been violated as a result of the manner and reasons for which you were terminated, and which allow you legal redress in the form of a wrongful discharge lawsuit--I'm sorry.

I wish you the best in 2010.

I understand that you may be disappointed by the Answer you received, as it was not favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so. I do work diligently to provide you with the correct Answer under the law, and because I have no control over what the law is, I ask you not to hold that against me. It has been my pleasure to assist you, and would be greatly appreciated if you would click the green Accept icon so that I can receive credit for having answered your Question. Thank you in advance.

Best regards,

Doug

LawTalk
LawTalk, Attorney
Category: Employment Law
Satisfied Customers: 37,876
Experience: 30+ years legal experience and I keep current in Employment Law through regular continuing education.
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Customer reply replied 8 years ago
Are there any circumstances of retalitory termination that are considered unlawful termination? In my case it was if I don't put my cash into the business and if I am unwilling to offer up my estate as guarantee for a payment and performance bond I am consided a poor owner and I will be terminated.
Employment Lawyer: LawTalk, Attorney replied 8 years ago

Good morning,

 

Unless you can show that the retaliation was in some manner based on your Ethnicity, Color, Religion, National Origin, Gender or Disability, no I'm afraid that retaliation is not prohibited.

 

I wish that I could help you reach a good resolution of your problem but the law simply isn't there.

 

I wish you the best in your future.


Doug

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