I need help!! I am a manager of a small but very successful family owned restaurant. There are currently 3 people who split the shares of the restaurant. They are split 70% 27% and 3%. The two people who are the 70 and 27 do not actually work at the restaurant anymore. They each only work about 10 hours a week and even then they only do little paperwork. They approached me and asked if I would be interested in opening another store since I have the cash to do so.
Instead of giving me some of their shares, they would just add more shares to the existing store and basically I would become a 10% owner of the corporation. Now here are my questions...
1. What determines what each one of us is paid since some of us work 90 hours a pay period compared to some who only work 10?
2. Does having more shares mean you get paid more?
3. Can the 70% person take anything he wants because he is majority or do all owners have to agree what each owner is paid?
I basically don't want to get screwed over by the current owners who already take a huge income from a store where I am literally doing all the work and the hours? Because if I became owner I do not agree to what the other owners are paying themselves for the small amount of hours they work.
Instead of giving me some of their shares, they would just add more shares to the existing store and basically I would become a 10% owner of the corporation. Now here are my questions...
1. What determines what each one of us is paid since some of us work 90 hours a pay period compared to some who only work 10?
2. Does having more shares mean you get paid more?
3. Can the 70% person take anything he wants because he is majority or do all owners have to agree what each owner is paid?
I basically don't want to get screwed over by the current owners who already take a huge income from a store where I am literally doing all the work and the hours? Because if I became owner I do not agree to what the other owners are paying themselves for the small amount of hours they work.
via Small-Business-Forum.net http://www.small-business-forum.net/legal-hr/9575-joining-existing-company-restaurant.html