What is the name of your state?What is the name of your state?Texas
I have worked in our family business for 25 years. As of 2 weeks ago I was President of our family corporation & Funeral Director In Charge of the funeral home. The corporation consists of a furniture, bedding & flooring store, a funeral home & maybe a ranch. I say maybe because I have never been told the ranch is part of the corporation, but company checks have been written to cover ranch expenses.
2 weeks ago I was fired by my father (supposedly retired but micro-managing) for "too many personal differences. Now I am negotiating to buy the funeral home. My main question revolves around my stock in the corporation. I know I have 500 shares, & perhaps more. I think there are 30,000 shares. I have never been told how many I have, what they were worth, how many total there are, seen any corporate bylaws, reports, NOTHING, even when I ask. Now dad is anxious for the return of my shares as part of the negotiation. He claims they are not worth much (maybe $5000), but the furniture & funeral home alone are worth aprox 2 mil., not to mention the ranch. He has had a high $ lawyer in San Antonio for some time & now I am scrambling for answers & advise.
A second question revolves around any rights I may have to sue on the grounds I am now forced to buy at fair market value a business I was told for years I would inherit. The funeral home may be seen at www.beckmannfuneralhome.com
I have worked in our family business for 25 years. As of 2 weeks ago I was President of our family corporation & Funeral Director In Charge of the funeral home. The corporation consists of a furniture, bedding & flooring store, a funeral home & maybe a ranch. I say maybe because I have never been told the ranch is part of the corporation, but company checks have been written to cover ranch expenses.
2 weeks ago I was fired by my father (supposedly retired but micro-managing) for "too many personal differences. Now I am negotiating to buy the funeral home. My main question revolves around my stock in the corporation. I know I have 500 shares, & perhaps more. I think there are 30,000 shares. I have never been told how many I have, what they were worth, how many total there are, seen any corporate bylaws, reports, NOTHING, even when I ask. Now dad is anxious for the return of my shares as part of the negotiation. He claims they are not worth much (maybe $5000), but the furniture & funeral home alone are worth aprox 2 mil., not to mention the ranch. He has had a high $ lawyer in San Antonio for some time & now I am scrambling for answers & advise.
A second question revolves around any rights I may have to sue on the grounds I am now forced to buy at fair market value a business I was told for years I would inherit. The funeral home may be seen at www.beckmannfuneralhome.com