How do I dissolve business relationship?

Asked almost 2 years ago - Syracuse, NY

My Business Partner will not come to work. I work 80+ hours per week, just to pay the bills. I want to sell the business and he will not agree to sell the property our business is build on. The business is in both our names. The land under it in his name. We have no partnership agreement. I want to sell and pay off the debt, he won't agree. In the meantime, I am working endless hours just to pay the loans and am not taking a paycheck. He has another income stream, so he is not worried about it. I had to sign personally for the loans and hate to ruin my credit, which has always been top notch.

I have tried endless times to discuss options for more than 2 years. I have tried talking, tried verbal agreements, tried forcing his hand by not coming to work, and am unable to get through to him. He has another income stream and I do not. If I don't come to work, the place will fold and my credit is on the line. Do I have any options?

Attorney answers (3)

  1. Jeffrey Bruce Gold

    Pro

    Contributor Level 19

    4

    Lawyers agree

    Answered . You need to meet with an attorney to discuss how to dissolve the business. How you dissolve it depends on what has been filed with the state. Most likely, you can bring an action to dissolve it and pay off the debt.

    If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore,... more
  2. Anne Marie R. Segal

    Contributor Level 7

    2

    Lawyers agree

    Answered . Save your credit and sanity. I agree with my colleagues. You should consult a business attorney because there are fine points to consider, and clearly this is something you need to address without letting more time pass. Since you don't have a partnership agreement with dissolution provisions, you might try a mediator to avoid court costs, if your partner will agree.

    Law Office of Anne Marie Segal provides legal counsel to businesses and individuals. Please visit www.amscounsel.... more
  3. Frank A. Natoli

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Hi,

    This is certainly not the first time I have come across these issues. It happens quite often.

    At this point, however, I would have way more questions than answers. We are a NY based practice and I always offer a free phone consultation. I invite you to call my office if you care to discuss. That said, please do consult a lawyer who can consider everything involved and help you arrive at a best course of action.

    Kind regards,
    Frank
    Natoli-Lapin, LLC
    (see Disclaimer)

    The law firm of Natoli-Lapin, LLC (Home of Lantern Legal Services) offers our flat-rate legal services in the... more

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