Share Holder Working For The Corporation
I am a share holder in a corporatin in Wa. state that operates a Fitness Club. I am a triple certified trainer and train at this facility. The Corp. is less than two years old, and the two directors retain the majority of the shares. In the begining I was paid a wage. Then it stopped. When I ask for compensation, they tell me I'm a shareholder and my compensation for my hours worked will be my divedends. They said since I was a shareholder, I was exempt from wages. Is that true? I'm owed over $70000.00 in back wages and my shares are minimal.
Asked on 11/23/05, 2:44 pm
2 Answers from Attorneys
Charles Cruikshank
Cruikshank Law Office-Since 1975
Re: Share Holder Working For The Corporation
You may have a lot of legal remedies available to you, including the right to a doubling of the amounts owed to you for wages and reimbursement of attorney fees incurred in your wage collection activities.
In order to determine the best way to approach this, I would need more information. Please contact me to arrange for a no-obligation interview, so that we can discuss your rights and how to pursue them.
Answered on 11/23/05, 3:23 pm
James Vasquez
In Pacta, PLLC
Re: Share Holder Working For The Corporation
Unless you have an agreement which states that you will not collect a wage for the work performed by you, you may be entitled to your back wages. Owning shares in a business entitles you to benefit from any profit made by the company, it does not prohibit you from compensation for the work performed.
Answered on 11/23/05, 3:57 pm
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