Can my partner liquidate our business without my consent?

Asked over 4 years ago - Portland, OR

my business partner has filed a lawsuit against me in an attempt to force me from our company. we have been trying to settle for some months, but no resolution has been reached. should we end up in court the business will be dissolved as we have no buy sell agreement in place. in an attempt to force my hand, my partner has threatened to liquidate should i not accept their offer. can they do this without my consent or a court order?

Attorney answers (1)

  1. Daniel J DiCicco

    Contributor Level 13

    Answered . Your partnership agreement is going to take precedence over the provisions of Oregon's partnership act which is found in ORS Chapter 67. Typically, partnership agreements have provisions for "winding up" business when it comes time to do so.

    Your partner may be able to liquidate the business if you don't let him buy you out, but really it all depends on the partnership agreement. If the agreement is silent on the issue, then ORS Chapter 67.290 has the laws on winding up a business partnership.

    If this is a valuable business, I would encourage you to seek counsel on the matter. I would be happy to sit down with you at no cost and try to give you a little direction. If you wanted my assistance beyond that I would charge an hourly rate as listed on my profile.

    Anyway, good luck.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

29,413 answers this week

3,118 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

29,413 answers this week

3,118 attorneys answering