Am entitled to a higher salary? (S-Corporation)
Am I entitled to the same salary and perks as my two partners? Please note I've invested the same amount of money and time. Here is my story...
I am 1 of 3 partners in a business, an S-Corporation based in New York. I am an equal shareholder and invested $250,000 in this business. My brother who operates out of his home also invested 250k and the 3rd partner was willed his 3rd of this business.
I live in New York where our office and warehouse is located.
Because of some cash flow problems early on and a large SBA loan the partners salaries were very small so we could afford a couple additional employees. I took the smallest salary while the other partners shared equal salaries. Furthermore, the other partners get company cars while I do not.
Initially I was OK with this game plan. however, in year 2 of our growing it is becoming apparent that the other partners intentions are to keep my salary very low while they get the vehicle and salary benefits.
Unfortunately we do not have a specific contract or agreement by the partners having to do with salary, perks etc... So I am curious, what are my options if this gets ugly?
Last edited by Qbert : 02-03-2008 at 07:22 AM.
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02-03-2008, 07:10 AM
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