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We invested 40% into a business that was established. Before…

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We invested 40% into a...
We invested 40% into a business that was established. Before the contract, the other party was exceptionally nice. A year later, they have pushed us out, do not allow us to make any decisions, and money is transferred out of the account without us knowing where it is going. The other party has talked badly about us to customers. In the contract they are majority, but is there some way that we have some sort of recourse. We invested more than our first home was worth.
Submitted: 3 years ago.Category: Legal
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Answered in 4 minutes by:
5/26/2015
Lawyer: CalAttorney2, Attorney replied 3 years ago
CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10,245
Experience: Civil litigation attorney for individuals and businesses.
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Yes, you do have some protection as minority owners in the business.You do not state whether or not your business is a corporation, an LLC, or a partnership, but the general principles are the same - the majority owner still owes you a fiduciary duty - they cannot siphon off money from the business, and they owe you an accounting for any money that is spent on the business.While your ultimate recourse is going to be filing a civil suit against these individuals, most business disputes should be resolved in mediation or negotiations - it will reduce your transactional costs (litigation is expensive), and it is much faster (litigation takes months and often years to resolve).You can find local business law attorneys using the State and local Bar Association directories, or private directories such as www.AVVO.com; www.FindLaw.com; or www.Martindale.com (I personally find www.AVVO.com to be the most user friendly). Look for attorneys with at least some civil litigation experience.
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