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?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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.
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.