As a business partner am I legally owed a percentage of money if my partner sells our business?

I’m a partner in a corporation with my
dad and he sold the corporation. I
didn’t get my full part of the money. Is
this illegal?

Asked on July 17, 2017 under Business Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

In the absence of some agreement to the contrary (since people can voluntary agree to receive less or some other amount) among you and your partner, you were entitled to a share of the sale proceeds equal to your percentage or share of ownership: e.g. if you own 50% of the corporation's stock or shares, you would generally get 50% of the proceeds. If you did not get the appropriate share of the proceeds, you could sue your partner for the money, such as for breach of fiduciary duty: violating the legal obligations owed by one partner or business owner to another.


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