I am in a family business and own 19.9 % of the stock. I am no longer active in the running of the business. I would like to know if I am liable for law suits and decisions made that are not quite in agreement with the labor laws of California. I have no say nor any power to change things. I have voiced my opinion. I can not sell my stock as it is not worth anything. there is also a large loan that may be paid back a few years from now. As our accountant stated we were profitable last year and looks like we will continue to be so which means I am paying taxes on money I do no and will not ever see.
My goal is to be just a stock holder without any liability. Is that possible?
Hi Dickie, I recommend checking with a lawyer. They would be the best ones to answer these questions.
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