If you are a significant shareholder of a company as well as a paid employee, can the President on the board fire you with no valid reasonexcept personal malice?
1 Answer from Attorneys
Generally any employee (including shareholders) can be hired/fired for any reason except if there is an employment agreement in place or if the dismissal was for discriminatory reasons. Under certain circumstances a shareholder employee might have causes of action against fellow shareholders based on fiduciary duties or based on derivative cause of action. The company's docs and the specific circumstances would need to be reviewed to render a proper opinion.
Feel free to contact my office at your earliest convenience.
Roman R. Fichman, Esq.
www.TheLegalist.com │ @TheLegalist
email: Info (@) TheLegalist (dot) com
t e l : 2 1 2 -- 3 3 7 -- 9 8 3 7
Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.