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Business Partners 1010 Responses
Last post: 2 years, 2 months ago | Thread started: Sep 11, 06, 1:42 p.m.
- cruz_azul
ok , to make a long story short I have had it with my Business Partner's way of doing and handling business , problem is we are 50 50 ! I however started the compnay and asked him in which he helped start it by making contacts and contracts... I dont want to kill the company seeing that we are doing good and have a popular local site, what are my legal options to this, to sum up he is pissing clients off and they are only doing business with us cause i have to sit down and talk to these clients!
- Sep 11, 06, 1:42 p.m. – Permalink
- spendogg
you have to sit him down and have it out. Depending on what your contract/partner agreement is you may have to buy him out - if someone does not have 51% or controlling share you will have to dissolve if you cannot come to an agreement. You can split the net 50-50 but someone needs to have a control share, i dont belive you can have it legal unless there is a controling share - go back and look over your paperwork.
- Dog-earSep 11, 06, 1:48 p.m. – Permalink
- spendogg
I don't know what kind of person your partner is, but usually in partner agreements there is a stipulation where if one party is damaging or reluctant to compromise and you can prove their continued actions are a blight on the company they may forfiet a percentage of equity (based on arbitration) in the company to compensate for the lost revenue (or for your time lost rectifing any damaging situations on thier part)
- Dog-earSep 11, 06, 2:42 p.m. – Permalink
- helloperson
Depends on your legal status, LLP, S-Corp, etc. You may end up having to buy him out. That doesn't mean giving him cash outright, if he is smart then you could develop some sort of contractual term whereby you slowly take full ownership of the company back.
I went through something similar to this a few years back.
- Dog-earSep 11, 06, 7:05 p.m. – Permalink
- its_only_me
Does he visit Newstoday?
- Dog-earSep 11, 06, 7:07 p.m. – Permalink
- ConceptHue
LOL. Yea, talk about this on the internet may not be the safest.
However....in my opinion this is part of why partnerships never work.
Everyone is all friends until money gets involved. Sadly, it changes people.
Good luck.
- Dog-earSep 11, 06, 7:12 p.m. – Permalink
- Bottlerocket
Buying out is an option if things get that bad.
I had a friend who just bought out his business partner. He thought the cost would be prohibitive, but when the accountant looked at the books, bearing in mind this was the balance sheet of company that has been going 4 years with 10 employees, the price was really low.
- Dog-earSep 12, 06, 2:16 a.m. – Permalink
- Bottlerocket
The point is, earnings are one thing, but when the assets (computers, etc including goodwill) actually didn't amount to that much. So buying him out was an affordable option.
- Dog-earSep 12, 06, 2:17 a.m. – Permalink
