What are my legal rights if my business partner wants to quit?
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What are my legal rights if my business partner wants to quit?
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what is she entitled to take, if anything?
Additional Details
she still owes me 7 thousand that i spent to open, she wants to pay me the 7 thousand and take half of the equipment. i still want to stay open but i cant if she takes half the equipment, is she entitled to take the equipment?
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David M
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She entitled to be compensated for 1/2 the value of the equipment after she pays her debt to you. She is not entitled to take the equipment from an operating business. However, you may have to get an attorney and obtain an injunction against her if she refuses the money and insists on the equipment. This will not be a difficult legal case and it's extremely likely a judge would force her to settle for 1/2 the value of the USED equipment--not the value of it when it was new. You will have to have that equipment appraised. |
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TedEx
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If your partner wants "out" then the partnership is dissolved, and the partners split the assets, according to the agreement between them.
It find it ususual you should ask us. To setup a partnership without legal counsel is playing with fire, you're going to get burned. |
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gatorgirl
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You need a lawyer! |
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goose1976
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They are entitled to their share. If it is 50-50, and they pull out and the business disolves, they will most likly get half. If you want to continue the business, our best bet is buying them out. |
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