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Can two partners force one partner to sell?

Pekin, IL |

We are in a three way partnership. We all own equal shares. I'm the president out and would like to force the vice president out. The third partner is the secretary and would like to force the vice president out also. Me and the secretary do all the work and the vice president only shows up to collect a paycheck.

Attorney Answers 1


Unless you have a written agreement that outlines the conditions for a buyout, the only way you will take your partner’s ownership away is by an agreement or a court order. As majority interest holders, you and your remaining partner can always vote to pay yourself salaries for the work that you perform which would reduce or eliminate the money left to be distributed. I suggest you seek legal help, and consider negotiating.

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