I am involved in an online business, a online game server per say, and I have a partner who is not particularly active in development/decision making. I had planned to remove him (partner A) because we dont really hear from him but once every three or so months a while ago he had agreed with partner B on 5% ownership and even more recently, he's agreed with me on a got 49% ownership, effectively leaving him with 46% meaning this makes this action (legally) possible. BUT before taking action i wanted to assure we were in the clear, Partner A collected over $500 for a raffle he still hasn't held, I've been trying to get him to refund/settle this raffle before i did the deed. He DID send me a message today trying to clarify what he said to me: "Also we have to talk about the ownership % share that will include [Partner B]. When I said u would have 49%. What I meant was that I would like to hold 51%. And you can have 49% but [Partner B] also needs a % from your share. You and [Partner B] can discuss what is appropriate. I just want to make sure that I hold 51% ownership so that the network will not be taken from me. That is the only reason I wish to hold 51%. As for profits you can keep 49% and [Partner B] can have whatever % up to 15% . Whatever you guys discuss. And I will take the rest". Although this was never discussed with either of us nor did we agree to any of that. No charter or contractual agreement has been drawn up to this point.
If it matters I live in MA while partner B is in NJ.
Answer
No one can answer your questions until you answer the following questions:
1. Is the company a partnership, corporation or LLC? Also, in what state is the business registered?
2. Is there a partnership agreement, shareholder agreement or an operating agreement?
Not until these questions are answered can anyone try to give you an answer.
Feel free to contact me.
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