Carl Nelson v. Harold Eugene Martin & Jack W. Gammon - Concurring

This case arises from the termination of appellant, Carl Nelson, as employee, officer and director of B & M Printing Company. The pertinent facts are as follows: In 1968, Nelson, together with appellees, Harold E. Martin and Jack W. Gammon, formed a partnership named B & M Printing Company for the purpose of engaging in the commercial printing business. In 1969, the three partners converted the partnership into a corporation and were issued 100 shares each of the corporation's stock. There were no other shareholders in the corporation. Nelson, Gammon and Martin were all employed by the corporation and acted as the corporation's only officers and directors. The presidency of the corporation was initially rotated between the three parties every year, but at the time of Nelson's termination, Martin was the president and had been for several years. The parties received no compensation for their duties as officers and directors, but did receive salaries, commissions based on individual sales, and bonuses as employees of the corporation. In addition, the parties received rent money from the corporation through their partnership, BCJ Enterprises, which owned the property on which B & M Printing Company was located