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My partner is leaving, what do I owe her?
Loves Park, IL
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Posted 10 months ago in Partnership
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I have owned a hair salon in Illinois for 8 years with another person. She gave me a written 60 day notice stating she is leaving co. We have no contract together. When we first opened salon, we applied for an assumed name certificate of intention in the county & state we live in & the certificate has salon name, address & both of our names as owners on it. Do I have to pay her to keep the name? I know I dont have to pay her for her client list, which I am not interested in. I offered for her to take 1/2 of contents of salon, or pay an appraiser & I pay her for 1/2 of contents of salon. Do I owe her any more than that? We file our taxes seperately, have our own supplies, etc.
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Also, we rent our space & mine is the only name on the rental agreement, as she knew she would be leaving eventually & refused to sign lease. She has also threatened me to sell her half to someone else. Can she do that? Would I have to allow someone else to work in "my" leased space? Also, our liablity ins. will be paid by only myself so I will be the only one covered., within a month. Can I make her leave if she doesnt have liability ins. & we havent settled things by then? Are we really "partners"? when I file my taxes I file as sole proprietor, and she does the same. I dont know if that means anything. Answers (0)
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