Legal Question in Business Law in Maine

I work for a financial company and have a percentage ownership of assets with a team. Now the team wants to nullify the contract cutting me out of my ownership. I want to now if I have any legal rights. Can they just throw away a contract because it benefits them?


Asked on 1/12/10, 2:26 pm

2 Answers from Attorneys
Alan Nye Alan R. Nye Law Offices

You don't mention if the contract is in writing. If it is, the term of the contract control.

Alan Nye

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Answered on 1/17/10, 4:09 pm
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Your use of the term "ownership" suggests to me a situation whereby a contract you have for employment may be at issue for breach or revocation, but if your ownership is vested, (i.e.- you now own shares of the company) the ownership cannot be revoked. If your ownership refers to a book of business or assets of your clients placed with the company, then the written contract will need to be carefully reviewed for non-competition and non-solicitation type clauses in the event your emplyoment ceases.

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Answered on 1/19/10, 5:34 am


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