Legal Question in Business Law in North Dakota

Corporation Shares

I'm one of only two owners/shareholders of a S-Corp Company. It's been running for two years and still as today... the company hasn't made profit. I recently decided to get out due to business and personal reasons. I own about $10,000 or about 1/3. He owns 2/3 respectively. My wishes to get back all or most of the money I put into it. Especially when I haven't made a cent. He came back saying that he'll give me only $150 for those shares cause he said he had liabilities I was responsible. One of the those is a loan that he put out in his name which was for a car. I never approved to pay for anypart of the loan verbally or written. I had no responsibility. Also I found out that he provided services behind my back and got paid and I never knew about it or got paid. Now he wants me to pay that same money back to him from my checkbook. So he says that his loan and his wages absorbs all of 10K to 150 Dollars. My question to you is, should I persue this legally and go after him cause he's lying and trying to take advantage of me??


Asked on 8/20/07, 6:51 pm

1 Answer from Attorneys

David Anderson Anderson Business Law LLC

Re: Corporation Shares

You need a thorough review of the legal + financial records to protect your interest.

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Answered on 8/20/07, 7:19 pm


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