What is the name of your state (only U.S. law)? Virginia
Does the state of Virginia provide any rights to the owners of an S corp such as right to an audit paid by the corporation, etc? Beyond an audit, what other things can I do?
I was in an S corp business with a few other people, and I am the only owner not related to the other owners - this is key. The remaining owners are family, I was merely a friend of the family. The business was ultimately sold to one of the individual owners (against my wish, as it was a fire sale, but (1) I did not own more than 50% to stop the sale and (2) according to them, VA law provides for an avenue to force non consenting sellers to sell if the majority votes in favor of a sale). Is this correct?
Secondly, it has come to my attention that my share of operating profits and proceeds from the final sale were mis-represented by the remaining family, i.e. they gave me less than what I was owed. Without even starting a formal re-audit, I've discovered ~$150,000 hidden from me from the sale alone.
Unfortunately, I lack the income to retain counsel or an outside accountant, and the family is now unwilling to settle or provide me with any documents to investigate this further. Does VA provide any laws to at least force an outside audit paid for by the business, etc? What other avenues do I have to resolve this matter legally, as the family is being non-responsive.
Does the state of Virginia provide any rights to the owners of an S corp such as right to an audit paid by the corporation, etc? Beyond an audit, what other things can I do?
I was in an S corp business with a few other people, and I am the only owner not related to the other owners - this is key. The remaining owners are family, I was merely a friend of the family. The business was ultimately sold to one of the individual owners (against my wish, as it was a fire sale, but (1) I did not own more than 50% to stop the sale and (2) according to them, VA law provides for an avenue to force non consenting sellers to sell if the majority votes in favor of a sale). Is this correct?
Secondly, it has come to my attention that my share of operating profits and proceeds from the final sale were mis-represented by the remaining family, i.e. they gave me less than what I was owed. Without even starting a formal re-audit, I've discovered ~$150,000 hidden from me from the sale alone.
Unfortunately, I lack the income to retain counsel or an outside accountant, and the family is now unwilling to settle or provide me with any documents to investigate this further. Does VA provide any laws to at least force an outside audit paid for by the business, etc? What other avenues do I have to resolve this matter legally, as the family is being non-responsive.
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