What to do if I’m a 51% owner of a business with a partner who owns the other 49% and he has decided to walk away from the business and force me to buy him out or sell?

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What to do if I’m a 51% owner of a business with a partner who owns the other 49% and he has decided to walk away from the business and force me to buy him out or sell?

I have put too much time and effort so I cannot sell. The problem is my partner wants too much money for his half of the business. It would be less expensive to dissolve the business and start over. What are my options?

Asked on March 5, 2013 under Business Law, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Is the amount that he is requesting reasonable as to the value of the business?  Maybe you need to have the business valued for the sale.  Otherwise he may have to consider selling the business to another third party (which you may not really want).  Good luck.


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