Author Topic: US Law Help (Read 949 times)

Pastrey Crust · October 03, 2016, 07:55:15 AM

So here's the thing. I own 25% of a company in the US because I helped two homeless guys start off. It's 50% for one guy, 25% for the other, and 25% for me.

I got a message a few hours ago that they're planning to sell the company because they're some old farts who probably want to retire now but I'm 18 years old and taking care of my mom and sister. The money from the company covers all of my expenses and the money from my rural activities covers the rest. Can they legally sell it if I say no owning 25% of it?

What kind of company you ask? You know those ads in free games and download sites? Yeah, you're giving me money with that. ;D

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espio100 · October 03, 2016, 08:01:12 AM

Well after all theres 1 big boss who makes all the decisions so no

Jairo · October 03, 2016, 08:08:24 AM

you don't own most of the company, so I'd say no

Pastrey Crust · October 03, 2016, 08:14:23 AM

I don't own most of the company nor do I want to sell it. The other two own 75% and do want to sell it. Also if it's possible, I'd need the law number and article to show to my lawyer if it's necessary.

espio100 · October 03, 2016, 08:18:57 AM

Make another company

Also arent you in argentina? I doubt the US law applies there. But most laws ae basically the same

Rally · October 03, 2016, 08:36:23 AM

Do you remember signing any contracts or agreements when you guys first set up shop, especially regarding a buy-sell agreement? You'll probably have to buy them out if you want to continue running the business.

Quote from: espio100 on October 03, 2016, 08:18:57 AM

Also arent you in argentina? I doubt the US law applies there. But most laws ae basically the same

It's probably based off where the business is located

Foxscotch · October 03, 2016, 08:41:13 AM

Quote from: Pastrey Crust on October 03, 2016, 08:14:23 AM

Also if it's possible, I'd need the law number and article to show to my lawyer if it's necessary.

dog, if you're hiring a lawyer that doesn't already know that, you're hiring the wrong lawyer

Pastrey Crust · October 03, 2016, 08:44:30 AM

Quote from: Rally on October 03, 2016, 08:36:23 AM

Do you remember signing any contracts or agreements when you guys first set up shop, especially regarding a buy-sell agreement? You'll probably have to buy them out if you want to continue running the business.

It's probably based off where the business is located.

I don't recall seeing any buy-sell arrangements in the contract. I'm looking for the contract though. And yes, since the company is in the US, only US law applies to it and I asked an argentinian lawyer to help me out with this so she has no clue which is why I'm asking.

Nonnel · October 03, 2016, 09:03:16 AM

If just they sold it, you'd still own 25% along with the new owner having 75%

Pastrey Crust · October 03, 2016, 09:22:47 AM

They didn't sell it yet and I'm pretty sure they won't for a couple of weeks. Nothing certain though. In Argentina, all of the owners must say yes for it to be sold regardless of what the contract says and I hope the same goes for the US.

Ipquarx · October 03, 2016, 09:30:04 AM

Try posting to /r/financialAdvice, they probably know more than we do

but you definitely can't stop the sale since you don't own a majority share

Ceist · October 03, 2016, 11:24:53 AM

Quote from: Rally on October 03, 2016, 08:36:23 AM

Do you remember signing any contracts or agreements when you guys first set up shop, especially regarding a buy-sell agreement? You'll probably have to buy them out if you want to continue running the business.

It's probably based off where the business is located

This is important.

If you didn't sign any contracts requiring you to sell along with the major shareholder, you can legally keep your steak in the business as it moves on to someone new.

Nickelob Ultra · October 03, 2016, 11:31:47 AM

You're going to need to look into the agreements of your shareholding of the company. You cannot stop the sale of the company most likely, you may or may not be able to retain your 25% share however with the buyers or they may opt to buy your share as well. Logically, it's probably legally required that you are notified of the sale and to whom and that all of you must get into contact with each other regarding the sale.

Master Matthew� · October 03, 2016, 11:54:35 AM

Quote from: Nonnel on October 03, 2016, 09:03:16 AM

If just they sold it, you'd still own 25% along with the new owner having 75%

Yeah basically along with selling the company, they are selling their shares.
just be careful, if they ask you to sign any contracts (this goes for any large contract), get
a Lawyer to look at it before signing it or even reading it, if someone approaches you with a contract,
stop, tell them you need to wait for your lawyer to look at it, and determine how you need to handle that
situation from then on.

Nonnel · October 03, 2016, 12:53:45 PM

Quote from: Ceist on October 03, 2016, 11:24:53 AM

This is important.

If you didn't sign any contracts requiring you to sell along with the major shareholder, you can legally keep your steak in the business as it moves on to someone new.

And company steaks are the best kinds of steaks