Legal Question in Business Law in Maryland

I invest $10000 for a small business that i used to work for.

Now i am no longer with the company

and they said they have to talk to their accountant refuse to give me my investment back for years,

they also claim 75% are lose.

can i do anything to get the maximum of my investment back?


Asked on 4/01/10, 11:12 am

1 Answer from Attorneys

Robert Sher Wagshal and Sher

When you invested in this company, the various investor/partner/shareholders should have drawn up an agreement spelling out who owned what percentage of the company (or if it was a corporation, how many shares would be owned by each), who had authority to make business decisions, and what would happen if one of the investors wanted to get out. I'm assuming you never did this, which makes it hard to determine what effect your leaving the company has now. Legally you still own a share of the company even if you are no longer working there. However, if the remaining investors aren't willing to buy you out, you really have no practical way of getting your investment back. You could sue the remaining investors to get an accounting of the assets in order to see if they violated any fiduciary rules, but this would be expensive and might not get you anywhere.

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Answered on 4/06/10, 1:50 pm


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