What should we do to break up a business partnership?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What should we do to break up a business partnership?
My husband and I own a rental property with someone we thought would make a good business partner. We were very wrong. The house is in his name as well as my husband’s. He will not agree to let us buy him out and he will not buy us out. We want out of this partnership with him.
Asked on March 19, 2014 under Business Law, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You can bring a legal action for dissolution of the partnership and distribution of the assets (such as, for example, the house); that is the only way to dissolve the partnership when the partners cannot voluntarily agree to it. Given the complexity of this sort of action--much more complex than suing someone in small claims, for example--you are advised to retain an attorney.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.