Re: Corporate Law

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First things first. What state are
you inc., in. Where are the other
20 shares. Get in touch with the
attorney general in the state you
are incorporated in. Report the
embezzelment to them.

On 11/16/06, David rey wrote:
> On 9/30/06, Tsungai Saira wrote:
>> We started 50-50 partnership
with a friend of mine, Frank,
>> in 2003. In 2005 we incorporated
our partnership and
>> formed an LLC called CF
Enterprises in which we also had
>> equal shares. At the begining of
this year 2006, we agreed
>> to sell some of our shares to
Jim a friend of Frank, such
>> that Frank and I had 40&37;
shares each while Jim had
> 20&37;.
>> However Frank and Jim started to
oppose me in almost all
>> meetings and have been paying
themselves huge sums of
>> money without my knowledge and
they now want me out. I
>> also recently found out that Jim
is having an affair with
>> my wife. What are my rights,
please advise as to what
>> course of legal action I can
take.
>>
>> Thanks
> First It is only fair to tell you
upfront not a lawyer but I
> think I can offer some advice. so
hear it goes. first they
> can not vote you out. you are a
shareholder they must
> purchase your shares and of
course you can alwasy refuse to
> sell. I am assuming you meant he
bought 20&37; of your
> corporation. About them taking
salaries without your
> knowledge. If these salaries were
not subject to vote during
> your board meeting the taking of
this money is in fact
> illegal. they are basicly
stealing from the company. I would
> in fact press charges on both of
them.
>
> just in case you meant he bought
20&37; of the llc. The only
> people with voting in an llc are
the general partners. so
> they 20&37; you sold to your
friends friend would be non voting
> and would have no say so on how
the company runs. the only
> right he would have is the
decision to sell. also taking
> money without your knowledge
would still be fraud.