What to do if I own 20% of a multi-million dollar company but the 60% owner refuses to pay me my dividends because of a personal conflict?

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What to do if I own 20% of a multi-million dollar company but the 60% owner refuses to pay me my dividends because of a personal conflict?

What type of lawyer would I need to handle this kind of dispute?

Asked on October 29, 2014 under Business Law, Colorado

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You would want a litigator (someone who handles lawsuits, not someone who just draws up contracts and forms businesses) with experience in business or corporate litigation. You can sue the majority owner for breach of his or her fiduciary obligations to minority owners; while the law allows the majority owner(s) to control a business, they have to treat fairly with minority owners and cannot unilaterally refuse to pay amounts or sums which they are due.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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