I want out of my part owned s corps. But by business partner will not buy me out. What can I do?: My partner an I have been in business for a number of years. I own 40% she owns 60% of an s corp. We do not have specific articles of incorporation and nolonger communicate. I would like out of the company but she will no buy me out. I also know she has been taking money out of the business and using it personally along with stealing business from the company and pocketing that money. What are my options here?
Anne's answer: Although your role in the company is unclear, as a shareholder you at minimum have a right to receive regular reports of the financials of the company and have a right to vote on what the company does from a legal standpoint (i.e. taking on a loan, selling the company and other significant events). I would first request, in writing, that you are provided with a report of the financial condition of the company and review it so you can determine if money is being absconded from the company. Do you have any other proof of your allegations? Once you determine what is going on you can decide on the correct legal course of action in consultation with an attorney. Also, you may want to discuss the possibility of selling your company or your interest in the company to another party. If your company is profitable and has assets that a buyer would want to have, this might be the best option for all and avoid a protracted legal matter. Business brokers can help with that; you can call me to discuss both options if you want. If you are unable to come up with either a buyer for your interest or come to some reasonable compromise with the other owner, you can sue for judicial dissolution and perhaps pursue other legal actions based on the specific facts of the situation. NOTE: THIS INFORMATION IS BEING PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT BE CONSTRUED AS LEGAL ADVICE. IN ORDER TO OBTAIN LEGAL ADVICE FROM AN ATTORNEY, YOU NEED TO CONTACT AN ATTORNEY DIRECTLY, SIGN A RETAINER AGREEMENT AND PROVIDE THE SPECIFIC DETAILS OF YOUR SITUATION TO YOUR ATTORNEY.
How do I go about creating an easement agreement and what is the process thereafter?: We have had a verbal driveway agreement with the landowner for 32 years and have never pursued anything legal. In the near future, we want to sell our property. Once we draw up an easement agreement, what happens when we sell - can we pass on this easement agreement to the new owners?
Anne's answer: Your question is a bit unclear... are you using your neighbor's driveway or are they using yours? Is it shared? Usually there is an agreement drawn up to discuss exactly where the easement is (including a legal description), and what the rights and responsibilities of the parties are for use of the easement. This should be drawn up by an attorney and recorded in your county register of deeds office. And yes, it is important to take care of this before you sell. We would be happy to assist you if you call our office. NOTE: This is general information provided for information only. Your situation is unique and this advice may change based on the particular facts of your case. In order to seek legal advice on your case, you need to contact an attorney to discuss the unique facts of this case, and sign a retainer agreement with the attorney.
What is the legal definition of common area in a retail store/business?: 2 business's - front is retail, back is service; both have same front entrance. Is part of retail store considered common area to access service business?
Anne's answer: Your question is not that clear; but in general, "common area" is area that is used by all tenants and the building owner; common areas may include parking lot, sidewalks, entrances, elevators, etc. They are jointly used areas or areas that are necessary to the operation of the building. Your lease should define this term and it usually specifies the square footage (and perhaps diagrams) allocated to common area. Normally all tenants are expected to pay their pro-rated share of common area expenses. If you have a dispute about the rear tenant accessing through the front retail space, this is something that the lease should address and if it does not, you should try to get this addressed in future leases signed. In addition, a lease generally has a provision guaranteeing a tenant "quiet enjoyment" of their space or certain provisions regarding behavior that might be applicable ... this might be a posssibility to help as well. NOTE: THIS ANSWER IS BEING PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS LEGAL ADVICE. IN ORDER TO OBTAIN LEGAL ADVICE, YOU SHOULD CONTACT A LAWYER, SIGN A RETAINER AGREEMENT AND PROVIDE COMPLETE INFORMATION ON YOUR SPECIFIC SITUATION. FACTS OF YOUR CASE MAY LEAD TO A DIFFERENT LEGAL RESULT.