PARTNERS SPLITTING UP, WHO IS RESPONSIBLE FOR MY CONTRACT
I currently work for a LLC in MN. One owner, Joe owns 25% and another partner ownes 75% of this company. Joe has recently decided that he doesnt want to stay in this company anymore and today they are talking to an attorney to dissolve this company. Joe is going to retain our company name and continue on his own and the other partner said that they own 75% so I am there employee and they have another company location that they are going to transfer me to. Joe and I signed a contract that gave me a 90 day written notice of termination, the other partner is not aware of this contract. Who is responsible for this contract and does it end once they dissolve the company? I wasn't going to tell the other partner about the contract unless they fired me. What should I do?
Answers (1)
I cannot Answer the question without seeing your contract and without more details on the break-up. E.g., is this a buy-out or a true dissolution. If its a dissolution, you have a claim against the dissolving company so whoever is responsible for the debts of the old entity, is responsible for the contract. If Mr. 75% assumes your agreement and offers you a position at a different location, there is no termination unless the terms of the agreement are violated by the change in location of the change in position
posted by Bill Egan | Jul 31, 2002 5:48 PM [EST]
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