
08-26-2009, 11:58 PM
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Member
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Join Date: Jun 2009
Location: Colorado
Posts: 105
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I disagree about his position
i am an equal shareholder and invested $250,000 in this business
Okay, they start the company, there's three equal shareholders to begin with. He doesn't say there are others, just the three. Two pay themselves big salaries / perks, he gets a set salary that's less at the onset of the business due to financial burden he agrees to do this then he says:
there is no specific contracts or agreements by the partners having to do with salary/perks etc
well, what bothers me here is there are no agreements in place to determine who is running the company what they are paid, how they are paid, so here he is the third partner with the same financial investment but a minority in the company because he's always outvoted on decisions, if he is even a party to decisions. How can there be no agreements? Sub chapter S corporations have "BYLAWS" The bylaws state how the corporation is to be operated, how decisions are made, by majority vote, quorum, etc. There must be something in writing to direct the officers decisions, he needs to know what the bylaws say and the articles of incorporation. I think he needs to do a little research before just giving up on his attempt to get better pay and perks.
And then hire an attorney to help him get what he is entitled to.
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