Legal Question in Business Law in Florida
Minority shareholder oppression- forced out. (Florida)
I was recently squeezed out of an executive position after 15yrs service. I own 25% stake in the closely held corporation. The controlling sharholders mother and daughter team have seized control have very little knowledge of running the business, they are terminating good experienced managers and replacing with inexperienced friends.
Can they be forced to buy me out as there is a restrictive share transfer agreement in place
1 Answer from Attorneys
As a Franchise Attorney I can say the terms of the restrictive stock transfer agreement need to be examined. Also the controlling shareholders generally owe a fiduciary duty to the minority shareholders not to abuse their power at the expense of minority shareholders. It sounds like there is a lot going on here. You definitely need to consult with a good business or franchise attorney in your area as soon as possible for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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