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CC member problem?

Posted on : 12-28-2007 | By : Legal Information | In : Other Legal Topics

2

I am part of a small CC with three member.Three months back one of the members just quite same day, and never had anything further to do with the business. Would this member that left still have rights to any amount of money due to then when they where part of the business? or would they forfeit due to leaving the business in an incorrect manner?

Answers (2)

Kenneth J. said on 28-12-2007

If this members’ name is still on the company information as an owner than yes. If not than no. If your company was incorporated etc. and you divided the shares of your company into thirds, the only way that this member wouldn’t get paid was if you took his name off the company. It also may depend upon the formation of the company.
Jason said on 28-12-2007

While the last comment is true in some aspects its always best to contact the company or attorney that formed your company and let them know your situation. While the other owner may be entitled to part of your earnings, there is always a chance that those earnings could be less than the respected amount.
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