Business Ownership: Ten Percent Owner Wants to be Bought Out

My question involves business law in the state of: Florida



Started a S Corp in 2014. When I started the business I had no idea about anything business related. With that being said I made my first employee a 10% Owner to waive us from having to pay work Compensation insurance. In the construction industry you are exempt if you are at least a 10% owner.

Now I fired individual go for various reasons ( doing work behind my back, and i just dont trust him anymore )

So technically he owns 10% percent of the stock ( I own 90% ) and he wants what his 10% is worth. I do not know what the business is worth but I have a feeling its worth more than anticipate. It prob net 200K this year with 10 k in vehicles.

Anyways what do I legally have to give him? I dont want to give him 10% percent because I don't think its fair since we never had a agreement and my intentions were only what i stated earlier ( to use it to get out of work Workmans Comp ) He always thought we were partners but I just ignored the whole thing.

I know this:

I dont think he ever actually signed anything within the corperation but I just made him a owner. I think i signed his name a long time ago

I still have his shares of stock

I caught him doing work behind my back so dont I technically own 90% of his profit there

Is it unethical for me to not pay him 10%

This sucks!!



Please help



Thanks!

Business Ownership: Ten Percent Owner Wants to be Bought Out