Legal Question in Business Law in New York
business law
Senerio - Two equal share partners own a buiness for 30 years. One is 60 the other 64. They each are paid a equal salary. If one partner does not spend as much time as the other in the business (retail store) can the other demand a reduction in the others salary? Note: each partner has the freedom to go & come as they please as the have reliable employees.
Asked on 10/08/07, 9:29 am
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: business law
Although a shareholder of a corporation may be an employee, legally, a shareholder is looked upon separately from an employee.
Therefore, you can request a meeting for the directors and shareholders of the corporation to seek a reduction in an employee's salary.
Mike.
Answered on 10/08/07, 9:39 am
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