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Mar 13th, 2008, 03:55 AM
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#1 |
Posts: n/a
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Distribution of any profits
We are a newly formed company (inc in Delaware) where the General Manager has full control of allocations and distributions. There is a clause titled No Wrongful or Unlawful Allocations or Distributions. It goes on ... Neither the Company nor the GM shall make any allocations or distributions that would be wrongful or unlawful.
Does this clause protect me, as a member of the company, from being denied a payment or dividend that all members are entitled to, at the whim of the controling General Manager? Is there anything I can do if this were to happen? |
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Mar 15th, 2008, 01:08 PM
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#2 |
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Top Level Member
Last Online:
Jul 11th, 2008 12:49 PM Join Date: Mar 2007
Posts: 694
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Re: Distribution of any profits
No
That clause just means he cannot make a wrongful payment. Presumably other provisions in your agreement govern payouts and the like. |
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