Legal Question in Business Law in Georgia
profit sharing
I worked for a company for ten years. I left this company three years ago. Within that time the company closed for business. This company still owes me $4,000.00 from a profit sharing plan. I am not the only one they owe money to. The ex owner has been in touch with us, and continues to make promises concerning the payout of these funds. My questions are: Are these funds safe? Can we still collect? What are my legal options? Should I seek legal councel?
3 Answers from Attorneys
Re: profit sharing
No one here can tell you if the funds are safe - we know nothing about the company, whether the money was segregated, etc. If the money was never set aside in a separate fund or account, it might not be there at all. Some plans are dependent on the money being there. Again, we do not know what your agreement was. Get the paperwork, and see a lawyer if it is a significant amount.
Re: profit sharing
You will need to seek legal counsel to determine your rights and whether or not it is worth pursuing. Because of the possible dissolution of the business, there may not be anything to collect. However, it may be possible to pursue a claim against the former owner depending on the facts and what contracts have been executed.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Re: profit sharing
You need to have the documents reviewed. Consult with a local attorney.
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