If my 50/50 business partner won't take a buy out, and the relationship is bad, what can I do once I resign?

Asked almost 2 years ago - San Diego, CA

I bought all of the equipment on my personal credit cards. We owe the about $70k to my parents for start up costs. It's well documented, but we have nothing in writing about payment back. Can I resign from the business, take what is mine, and start over, since she won't consider a buy out, and I can not work with her forever. What is the best option for me? Of course I would love to have the business myself and continue to grow it, but she won't give it up, and I can not work with her anymore. Am I allowed to contact clients after since we don't have a non-compete?

Attorney answers (3)

  1. Kevin Samuel Sullivan

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . You need to sort all of the issues surrounding your partnership out with a lawyer. Good luck.

  2. Harry N. Konst

    Contributor Level 12

    5

    Lawyers agree

    Answered . A 50% partner is liable for 50% of all partnership debts.

  3. Ian Edmund Scott

    Contributor Level 12

    4

    Lawyers agree

    Answered . good Idea to speak to a lawyer to review your agreement and see what options you have.

    The content of this answer has been prepared by Scott Legal Services, P.C. for general informational purposes only.... more

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