Closely Held Corporation Disputes
Unfortunately, disputes arise in closely held corporations. The first guiding principle is to look at the operating agreement in the case of a limited liability company or the shareholder agreement in the case of a corporation. Many times disputes arise because one member of a limited liability company or one shareholder of a corporation believes that they have been treated unfairly or that another member or shareholder is acting in their own self-interest rather than in the interest of the limited liability company or corporations. There are also applicable statutes to be considered in conjunction with the operating agreement or shareholder agreement, the Oppressed Minority Shareholder Statute, found at New Jersey Statutes Annotated § 14A:12-7, the New Jersey Business Corporation Act, found at New Jersey Statutes Annotated § 14A:1-1, et. seq., and the Revised Uniform Limited Liability Company Act, found at New Jersey Statutes Annotated § 42:2C-1, et seq.
At Elkind and DiMento, P.A. we represent both the oppressed minority shareholder and corporations defending against such claims.