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Overcast Business Law
Q. I co-own a family owned business, and the other owners have fired me and are refusing to let me see financial information, what can I do?
A. Every business owner of a privately held company has a right to inspect the books and records of the company and to obtain basic financial information. You can file a suit in court to get this access.
No owner, however, has a right to be employed by a company he owns, unless there is a written employment agreement or a shareholder agreement that requires employment. In the absence of such agreement, you may have certain rights, but generally speaking, “majority rules” – and the majority of owners or others may have a right to terminate your employment. It is important to review all the documents, and look at all the circumstances to see what rights you may have.
Erica B. Garay is the Chair of the Alternative Dispute Resolution practice group and a member of the firm’s Litigation practice. She is also an arbitrator and mediator and serves on the American Arbitration Association roster of neutrals for commercial and complex litigation.
For the past fifty years, the law firm of Meyer, Suozzi, English & Klein, P.C. has created a reputation for integrity, insight and intellect that has helped establish the standard for excellence in the practice of law. With offices in Albany, Garden City, Manhattan and Washington, D.C., the firm provides legal advice in the areas of Alternative Dispute Resolution, Bankruptcy, Corporate Finance, Corporate, Criminal Defense, Disability Insurance Claims, Employee Benefits, Employment Law, Government Relations, Labor Law, Litigation, Real Estate, Tax Certiorari & Condemnation, Trusts, Wills and Estates. “Ask the Lawyer” is provided by Meyer, Suozzi, English & Klein, P.C. to inform on matters of public interest. The information contained herein is not to be construed as legal advice or opinion. We provide such advice or opinion only after being engaged to do so with respect to particular facts and circumstances.
