Can a co-owner be fired?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a co-owner be fired?
My husband was given a 25% share of his mother’s restaurant (no buy in) as part of a verbal agreement they made over a year ago. In exchange he was to manage the restaurant so she could retire at some point. At the time, he asked her for a written contract to put on file but she never followed through. he relationship has since soured and she fired him. How can we prove he has a share of the business? He was given a couple of $5000 payments as part of profit distributions over the past year but that is all we have.
Asked on July 5, 2012 under Business Law, Kansas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
What you are really trying to prove is a verbal partnership agreement. They are indeed held to be valid in states such as California and, I believe, in your state of Kansas. What always worries me is a law known as the Statute of Frauds which states that certain agreements must be in writing to be valid. I think that you should speak with an attorney about proof, etc. Good luck.
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.