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Is it legal to do a drawdown or deduct someones ownership %

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Is it legal to do...
Is it legal to do a drawdown or deduct someones ownership % bec he or she cant give time to help in the company
Submitted: 1 year ago.Category: Legal
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Answered in 6 minutes by:
11/29/2016
Lawyer: Asad Rahman, Lawyer replied 1 year ago
Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2,525
Experience: Practicing Attorney with 10 years experience
Verified

Not usually. Your operating agreement or bylaws would indicate how you can buy out their interest.

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Lawyer: Asad Rahman, Lawyer replied 1 year ago

If you have any further questions just let me know, otherwise a positive rating of 5 stars would be greatly appreciated.

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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.

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