I'm part of a partnership with a 40/30/30 split of the company. My partner owns 40% and is listed as President. The other two partners (one being myself) are vice president and secretary. The 40% owner has been disgruntled from the start because he feels as though he does not have enough control. All owners agreed that we need an employee handbook due to abuse of vacation time, etc.
The president has created a handbook and taken it to an attorney for drafting. My partner and I have requested a copy before this is distributed. The person has not passed along a copy, and feels as though he doesn't need approval of the other 60% of the company. He also wants each employee (including the other two owners) to sign indicating approval and receipt of the handbook.
My question is, does this person who has a minority-share of the company, have the authority to push through an employee handbook without full support of the owners?
Do the two other owners have to sign the employee handbook when they are technically owners, not employees?
The president has created a handbook and taken it to an attorney for drafting. My partner and I have requested a copy before this is distributed. The person has not passed along a copy, and feels as though he doesn't need approval of the other 60% of the company. He also wants each employee (including the other two owners) to sign indicating approval and receipt of the handbook.
My question is, does this person who has a minority-share of the company, have the authority to push through an employee handbook without full support of the owners?
Do the two other owners have to sign the employee handbook when they are technically owners, not employees?