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If a partner is a business has been voted out can he ask for equipment he bought back?

Asked over 2 years ago - Atlanta, GA

Business

I have a entertainment company which consist of 5 members and 1 member did some detrimental things with his personal life that in effect was brought into the business and it soured the business relationship because there is no trust anymore. So the remaining members voted to remove him from the company. The ousted member is requesting to take back everything he purchased even though it was purchased for the business. I just want to know if he can do that?

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Attorney answers (2)

Joycelyn R. Curry

Reputation Level 10

Answered over 2 years ago. Business Attorney in Decatur, GA.

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It all depends on what your partnership agreement states if one was drafted for the partnership. If there is no such agreement, state laws might determine whether he can reimburse his equipment. My advice would be to consult an attorney and bring all of the relevant documents with you to the meeting.

I practice law in this area if you are interested in a consultation. Give my office a call 678-954-5677

J Curry Law Group, LLC

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Glenn M. Lyon

Reputation Level 14

Answered over 2 years ago. Business Attorney in Atlanta, GA.

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If the property is owned by the company (and there is no contractual obligation to give it back to the individual), the withdrawing member cannot get the property back. However, in order to buy peace, it may be worthwhile to allow him to have the equipment. But either way, you should have him sign a release so he cannot due the company or the other members.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

MacGregor Lyon, LLC

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