My jurisdiction is: Oregon
I am a 15% owner of an S-CORP along with 3 other persons, who's ownership are: 15%, 16%, and 54%. I was paid regular distributions along with the others. I was also paid a separate salary for compensation as my job as manager. (I was originally hired just as a manager, the other three owners sold me 15% ownership in order to reward my good performance as well as secure my future with the company.) 7 months ago the regular distributions stopped. 3 months ago I was fired as manager. The other three immediately offered to buy back my 15% shares, at a price less than what I paid for them 2 years ago. They said my firing was performance related. I can, but have not yet, disputed this. I was increasingly frustrated with the commingling of profits with other companies, and voiced these concerns. (The other 3 persons own two other business in which I have no ownership) The company I co-own has "loaned" these other two companies a decent amount of money in the past year, however I do not know the exact numbers. (I stopped receiving regular financial statements about 7 months ago.) If there was no longer any money for distributions, why were we able to loan money to these other independent companies? It is a mess. We do have a signed opperating agreement. Should I try to argue for a decent amount for my shares and lost distributions, or am I out of luck due to being a minority owner tied to some deadbeat business partners. I have gotten some legal advice, but I want a second opinion before I rush or get pushed into making a decision.
I am a 15% owner of an S-CORP along with 3 other persons, who's ownership are: 15%, 16%, and 54%. I was paid regular distributions along with the others. I was also paid a separate salary for compensation as my job as manager. (I was originally hired just as a manager, the other three owners sold me 15% ownership in order to reward my good performance as well as secure my future with the company.) 7 months ago the regular distributions stopped. 3 months ago I was fired as manager. The other three immediately offered to buy back my 15% shares, at a price less than what I paid for them 2 years ago. They said my firing was performance related. I can, but have not yet, disputed this. I was increasingly frustrated with the commingling of profits with other companies, and voiced these concerns. (The other 3 persons own two other business in which I have no ownership) The company I co-own has "loaned" these other two companies a decent amount of money in the past year, however I do not know the exact numbers. (I stopped receiving regular financial statements about 7 months ago.) If there was no longer any money for distributions, why were we able to loan money to these other independent companies? It is a mess. We do have a signed opperating agreement. Should I try to argue for a decent amount for my shares and lost distributions, or am I out of luck due to being a minority owner tied to some deadbeat business partners. I have gotten some legal advice, but I want a second opinion before I rush or get pushed into making a decision.
