Can i sell my 50% share in a business without my partner’s approval?

We have no operating agreement. Does he need to approve of whom I sell to?

Asked on January 11, 2019 under Business Law, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

No, without an operating agreement or other contract limiting or putting restrictions on to whom (or when, or how, etc.) you can sell your share of the business, you may sell your share to anyone you like, for any sum or consideration you like, without your partner's approval. Something owned by a person may generally be freely sold by him/her, long as their is no contract to the contrary.


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