Legal Question in Business Law in Louisiana

I am 16% shareholder in a family business corporation. I do not receive any profits or dividends and have not present for a any type of meetings for years. I have asked to see the financials and accounts several times and have been ignored, I recently asked for a active job in the Business was told no. I know that other shareholders are using company funds for personal gain. What can I do?


Asked on 8/22/11, 7:10 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I can only say the following. Majority shareholders have a fiduciary duty to treat minority shareholders, such as yourself, fairly. If you believe this is not the case, I'd recommend an attorney letter directed to the corporation about your concerns. This would be far less expensive than bringing a lawsuit for an accounting, etc.

Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 8/22/11, 8:37 am


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