Deadbeat partner refuses to sell shares, no contract
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Deadbeat partner refuses to sell shares, no contract
I have a partner who owns half my business. For the past year his performance has slipped and hes also currently in college. He works 20 hours a week and pays himself for 40, when hes at work he does homework and plays games, rarely helping. Ive asked him to sell out but he refuses. We have no real contract that requires him to sell his share, but I really want him to sell out so I can cut the dead weight. Is there anything I can do to force him to sell?
Asked on June 29, 2009 under Business Law, North Carolina
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. I suggest seeking a dissolution of the company as a result of your inability to work together. After the company is dissolved, you can start up a new company on your own. The way you can do this is by seeing a lawyer and asking him to file an action in court asking the court to dissolve the company if your partner refuses. The court will hopefully order the dissolution and winding up of the company/division of assets and then you can move on with your life.
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