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if I am a minority party in a business with no bylaws does that mean i have no powers?

family owned business 51% owner and 49% owner with no bylaws. Does the minority party have any say in wages, or buy out rites

Without bylaws an attorney can have a field day with your business and the business structure is basically wasted and useless. It can be nightmare not having a complete partnership.
Have an attorney take care of this right away if you aren’t already fighting with your partner. If you are fighting then move fast to get legal council from a good attorney that has a firm grasp of corp law.
Yes you have rights if its not spelled out in bylaws. Oh I’m sure a lawyer would have fun with that one.

This entry was posted on Monday, April 26th, 2010 at 8:23 pm and is filed under minority owned business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “if I am a minority party in a business with no bylaws does that mean i have no powers?”

  1. dave c Says:
    April 27th, 2010 at 1:56 am

    Without bylaws an attorney can have a field day with your business and the business structure is basically wasted and useless. It can be nightmare not having a complete partnership.
    Have an attorney take care of this right away if you aren’t already fighting with your partner. If you are fighting then move fast to get legal council from a good attorney that has a firm grasp of corp law.
    Yes you have rights if its not spelled out in bylaws. Oh I’m sure a lawyer would have fun with that one.
    References :

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