SirI have a commercial property in partner with my cousin brother.Is there any way that i can rent it without sharing rent with him?
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SirI have a commercial property in partner with my cousin brother.Is there any way that i can rent it without sharing rent with him?
SirI have a commercial property in partner with my cousin brother.Is there any way that i can rent it without sharing rent with him?
Asked on June 28, 2009 under Real Estate Law
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. If you are partners in the real estate venture then you cannot keep profits from your partner. The nature of a partnership is that you split profits 50-50. If you violate this, then you expose yourself to a lawsuit that will cost you more money than you took from the tenants. I suggest that if you no longer want to be partners then you buy him out over time or in a lump sum cash deal. this wil allow you to do what you want.
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