What are my rights regarding my business if I have a partner?
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What are my rights regarding my business if I have a partner?
I currently have a very basic partnership agreement that ends on November 28th. The company is in both of our names but the renewal is coming up. My partner has been doing things behind my back after I disagree. He will not follow our mediation agreement so I am looking to find a new partner. I started the business but he has been a part of it for 10 months. Would it be legal for me to renew the business names without his on it? What would be my best option at this point and how would things work? I’m not necessarily trying to push him out of the company but looking to have the control of decisions that are made.
Asked on November 18, 2013 under Business Law, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
While I can surely understand your concerns here on how he deals with the decsion making and the business, it is impossible to help with out reading the partnership agreement. Did you retain ownerhip of the name when he bought in to the business (which is what I am assuming)? Can you just terminate his partnership? That seems odd. The agreement is what controls here and I would take it to an attorney to review. Good luck.
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