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My 50/50 partner wants out of the business, and has turned down a reasonable buyout his shares, and now says that he does not
want to sell. The busineess is a start up inc. and and some key decisions need to be made to start the income flow, this cannot be done as the relationship is deteriorated so badly. How do I remove the partner from the business and continue on. I am the President of the company.
Attorney answers (2)
You really should consult with a business attorney as you may want to act as an individual or on behalf of the entity and it is very situation-specific and you'd want to review all the options thoroughly. We regularly handle matters such as this and there are several ways you could proceed but no one can give you advice on which one is best for you without further review of facts.
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Ms. Sattler is correct. Based on what you have mentioned here, it sounds as if there may already be some problems with the entity documents. (You mention that this is a corporation, but you also discuss a partnership agreement, for example.) What your options are will depend heavily on what has been done so far, both in terms of documentation and in terms of conduct. You may be buying trouble if you just try to throw him out. But it sounds as though it would be an unwise business decision to just let things fester. Check with an attorney.
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