QUESTION
Can a owner of a business be fired by a partner
Asked on Feb 14th, 2016 on Business Law - Tennessee
More details to this question:
I open a small agency in TN in early Oct 2015. I obtained the business license, FEIN, all utilities and building lease and they are in my name only. Three weeks into the start up another person came in and invested money and held a position in company. In late Nov the other person filled a LLC through legal zoom and has now fired and changed locks on commercial business preventing me from entering my own agency. Is this legal? and what can be done?
1 ANSWER
You might have recourse but I need to know after the investment was made, how was the percentage of ownership divided? Was there an agreement as to the division of labor between you and the investor and if so, what was that agreement?
Answered on Feb 15th, 2016 at 6:29 AM