Legal Question in Business Law in Minnesota
My partner and I formed an S-corp when we bought a very small bar and grill 15 years ago. I managed and worked the bar for the past 12 years almost exclusively alone. A few years ago we agreed I should be majority shareholder as he only showed up to do repairs and order bar supplies. I managed employees, promotions, entertainment, kitchen, and bartended and cooked. The split is 51/49 with no other shareholders. I have become I’ll and need to step back. He quit his full-time job to take over. If I leave all day to day operations and do not work there at all, can I keep the 51%? What key elements should be in resolution?
1 Answer from Attorneys
It is not so easy (actually impossible) to determine what the current situation is and what you hope to accomplish based on only this post. You "agreed [you] should be majority shareholder." Was anything put in writing? Was any consideration given for you to become majority owner? How attentive have you been to documenting corporate records? I have a feeling the corporate docs aren't as comprehensive as they should be. You can't expect (or rely on) a complete response to your issue on a free online Q and A. Please contact an attorney to help you get your corporation back on track.
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