Legal Question in Business Law in Virginia

I am 20% owner of a business with 3 other partners. I am separating from the company and the offer they gave me is not even close to what I should get. The company does about 12 million in business a year but we have taken a loss for the past two years. The offer they have given me is not even close to 20%. Their offer is 6 months pay and signing my company vehicle over to me ( $30k salary and $20k vehicle ). The company is in a little bit of debt currently so I am not sure if that would matter with my 20%. We own the 1 million dollar building that our office is located with several suites to rent out. We have a rental house in Petersburg VA that they are selling now for $60k. We own about 45-55 vehicles. What are my options if I do not want to agree to this deal?


Asked on 8/07/14, 12:06 pm

1 Answer from Attorneys
Sean Hanover Hanover Law

Hi! Actually, in a strange twist to my regular answers, I have to tell you that you need to contact us (or another lawyer) right away. Business and partner law is far too complex to explain in a simple bullet list. A large part of this depends on the partnership agreement. We would need to review all the docs as well as the nature of the business in order to determine what the optimum angle for you would be. It does seem that their offer is light, but then, you may not be entitled to anything at the moment (you just keep your equity).

Give me a ring at 703-402-2723 and I'll be happy to discuss!

Sean R. Hanover, Esq.

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Answered on 8/07/14, 12:39 pm


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