R
rett98
Guest
What is the name of your state? Virginia
In Oct 2002 I formed a company with 3 colleagues. We set up an S Corporation. We have not been successful and we are incurring more debts than income.
95% of the work is done by myself (sales, marketing etc) and 5% is done by our treasurer. The other two colleagues have contributed nothing to this venture.
One has resigned recently and we are trying to get the other partner to resign. (the one who contributes nothing).
We do not have a written agreement as it was all done verbally. (Tthe corporation was set up through a lawyer though.)
What are our options to get rid of this partner. We have requested he resign but he is reluctant to do this. Do we have a right to vote him out?
In Oct 2002 I formed a company with 3 colleagues. We set up an S Corporation. We have not been successful and we are incurring more debts than income.
95% of the work is done by myself (sales, marketing etc) and 5% is done by our treasurer. The other two colleagues have contributed nothing to this venture.
One has resigned recently and we are trying to get the other partner to resign. (the one who contributes nothing).
We do not have a written agreement as it was all done verbally. (Tthe corporation was set up through a lawyer though.)
What are our options to get rid of this partner. We have requested he resign but he is reluctant to do this. Do we have a right to vote him out?