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What is the procedure for removing a partner from a partnership under California partnership laws
San Diego, CA
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Posted 4 months ago in Partnership
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In case of simple partnership of 4 partners 1 partner never contribute to the partnership while the others are working and putting thier tme.
Beside a regular partnership form signed in escrow company there in no aggrements as far as buyout. How can I fire partner.How do you calculate the buy out value
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If that non active partner is also the wife .and in a divorce case ,the Husband paid this share from money of his property owned prior to marriage.What is the calculation as far as her share value Answers (1)
Shaun K. Boss
This attorney is licensed in California.
Posted 4 months ago.
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You can't "fire" a partner. Partners are owners not employees. If the partnership agreement is silent on the valuation of partnership interests, it will be necessary to negotiate with the non-contributing partner. It may be helpful to get a valuation of the partnership business. The value of the non-contributing partner's share is less than one-quarter of the value of the whole, because a minority interest in a business has no "control" over the business operations as the non-contributing partner can be out-voted by the other partners. If you can't reach an agreement with the non-contributing partner, it may be necessary to file suit to dissolve the partnership.
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