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 6 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.


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