Legal Question in Business Law in Virginia

My husband started a business in Virginia (S-Corp). Shares were made available to family members. My husband received only a fraction of the salary that the shareholders voted on for him. The business will cease operations at the end of the year. Will he be able to receive the tangible assets in lieu of past wages and will these assets be protected? If he is able to secure the assets, what is the procedure for doing so? Thank you.


Asked on 9/17/09, 8:53 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

"Them that don't ask, (usually) don't get."

Your husband will need to inform the other shareholders that he expects sufficient assets of the business to be liquidated to pay that portion of his salary for which he remains uncompensated. What happens after that will likely depend upon whether these shareholders cooperate or not in his request.

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Answered on 9/22/09, 9:30 am


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