QUESTION

What are my rights as a thirty percent owner of a thrift store, as in the owner dissolving the company, placing a Lein for unpaid wages.

Asked on Jul 22nd, 2012 on Business Law - Washington
More details to this question:
Bascilyy what are the legalities that are associated with attempting to be paid by the majority percent owner.
Report Abuse

1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
Reviews not shown
1 Award
As a minority owner of a corporation or similar entity, you have the right not to be abused by the the majority owners; that is, you have the right to be treated ratably with them, in proportion to your ownership, with respect to any liquidation proceeds. They cannot use their majority status to award themselves a disprportionate (to their ownership) share of the liquidation proceeds. You have no right, solely as a minority owner, to be paid your wages or to place a lien (note correct spelling) on the assets of the business. You may have different rights as a employee. As an employee -- and regardless of whether or not you are an owner -- you have the right to be paid your wages, and that right may be backed up by very strong remedies under state law. Essentially, you are a creditor of the business and have the right to be treated at least equally with other creditors before any distributions of capital are made to the owners. It may be necessary for you to sue to assert your right to unpaid wages. For that reason, you should consult with an attorney where the business is located to discuss collection of the amounts due you.
Answered on Jul 22nd, 2012 at 12:14 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters