Legal Question in Business Law in New York
Corporation
My children are partners in a store, and because of difficulties asked to be bought out. The other partners drew up a document the same day, signed it and advised my children they were not allowed back on the property. What are my children's legal rights, and what steps should they take to have a clean break. Also, one of the stipulations in the original contract was that only one partner at a time could leave, and the others must wait 6 months. They took it upon themselves to have both of them leave. Is there someway to compensate as far as salaries, before the buy-out (supposedly will take 10 days). Also, what are their rights.
4 Answers from Attorneys
Re: Corporation
As mentioned in all of the previous replies this wholly depends on the business structure, any agreements and or bylaw which exist, and several other factors.
Feel free to visit my office's website for further information on ta various business structures www.cgonzalezlawfirm.com -
you can also feel free to contact my office for further assistance on this matter, you can reahc us by email at the address provided below or directly by phone at 2127098303
Re: Corporation
This is a complicated question and turns on the type of entity involved and the agreement among the shareholders/members. Its hard to give you good advice in this forum. I'd advise you to sit down with a lawyer ASAP. Please let me know if you need anything further.
Re: Corporation
As suggested by the previous reply, the answer can't be determined without more information you provided in your question. Consulting a local attorney quickly is the appropriate option.
If I can be of help, please feel free to get in touch.
Re: Corporation
You cannot have "artners"in a corporation; there should be shareholder. Regardless, the written agreement is should usually be controlling. I do a substantial amount of business practice in the mid-Hudson area and without the document itself to look at and review, any advise would serve you poorly.
Feel free to contact this office for a free quick phone consult.
Good Luck
RRG
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