I started a business a general partnership with no partnership agreement in place and there are problems

Asked almost 4 years ago - Fort Wayne, IN

His wife is making all the discissions for him and I wanted to be in business with him not her how do I regain control and just become my own business own? It was my Idea, I quit my job and put 100% and now that he ( she ) see's it will work she is trying to take control.

Attorney answers (1)

  1. Rebecca Joy Ueno

    Contributor Level 7

    2

    Lawyers agree

    Answered . It sounds like you have two options here. You can either create a partnership agreement which clearly defines each partner's respective roles and rights within the business you have created or you can start the process of forming your own distinct company and terminating your business relationship with your current partner. With both scenarios I recommend that you find a good attorney in your area that will help you to think through all of your rights and responsibilities during the process. You should also advise your business partner that it is wise for him to have separate counsel to advise him on his rights and responsibilities.

    This is a common situation. No goes into to business thinking it will fail, and often don't plan ahead for potential pitfalls. A partnership agreement helps protect you and your partner from these kinds of conflicts and helps you to navigate through problems when they arise.

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