Legal Question in Civil Litigation in Florida
Dividing a corporate owned business
I am a minority stock holder in a corporation that owns a charter fishing business ( my partner has 51% and I have 49%). Her( she is related...my cousin) input was the start up capital and mine was the operation of the business. I am the captain of the vessel, I book the trips and I own the domain name for the wesite. We have finally reached a point of being successful and she wants either to sell the business or, at the very least, me out of the picutre in an attempt to recapture her investment. It was supposed to be a ''writeoff'' but now her lawyer maintains that she deserves to be reimbursed. I just need to ask some questions.
2 Answers from Attorneys
Re: Dividing a corporate owned business
You are in a very vulnerable position as a 49% owner. She can pretty much pipe the tunes. You will need a lawyer and some good charm to get you out of trouble.
Re: Dividing a corporate owned business
She is not able to simply sell the business without your input and even though she is majority shareholder, she still needs to deal with you. You need to find a lawyer that can help you structure a way out for you. Since you run the business, you are the only asset she has. Is the boat, etc. owned by the company? There are many, many factors to deal with.
Good luck.
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