LLC legal challenge what do we do?
LLC legal challenge what do we do?
5 by iambateman | 5 comments on Hacker News.
Two friends and I started a public library technology company in 2014. We are collectively majority shareholders but in 2020, we turned operations over to another shareholder, who is paid about $80k/year and has about 25% of shares. Total revenue is holding steady at ~250k/year. In 2021, he issued an amendment to increase the number of allowed shares to dilute us out of ownership. We voted it down. Two weeks ago, he sent out another amendment for the same thing but this time it “passed” because of new shares which he was not authorized to issue. We are not on friendly terms with him, to say the least, but we also aren’t interested in taking over operations ourselves. Is there anything we can do? Any advice is welcome.
5 by iambateman | 5 comments on Hacker News.
Two friends and I started a public library technology company in 2014. We are collectively majority shareholders but in 2020, we turned operations over to another shareholder, who is paid about $80k/year and has about 25% of shares. Total revenue is holding steady at ~250k/year. In 2021, he issued an amendment to increase the number of allowed shares to dilute us out of ownership. We voted it down. Two weeks ago, he sent out another amendment for the same thing but this time it “passed” because of new shares which he was not authorized to issue. We are not on friendly terms with him, to say the least, but we also aren’t interested in taking over operations ourselves. Is there anything we can do? Any advice is welcome.
Comments
Post a Comment