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rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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Im in a Real Estate business partnership. Co-Owners.

Resolved Question:

I''m in a Real Estate business partnership. Co-Owners. My partner whom is the Broker, has started there own property management company. They told me that they would not use it for sales in real estate. Now they are. This effects profits due to them taking 100%commision from the sales by running it through this other company. They are also using employees from our company to help with the other company. Am I just parinoid, or is this wrong? I was thinking about a conflict of interest. What are my options?
Submitted: 8 years ago.
Category: Business Law
Expert:  rvlaw replied 8 years ago.


It depends. Does the partnership agreement prevent such activities? I think you should have had a non compete agreement.


Customer: replied 8 years ago.
We have a no compete we signed before we were owners...but nothing since. I figured since I own 50% of the business, I have a say over 50% of everything. Maybe not?
Expert:  rvlaw replied 8 years ago.

50 % doesn't control this issue. Was the non compete extend into post partnership formation?

The other issue in your favor even without a non compete is that the conduct here is so blatant and overreaching, it violates the duty partners have to each other NOT to engage in such acts. If I were your lawyer I would represent you; move for an immediate injunction stopping the activities; and seek money damages for stolen business.


This is information only, NOT legal advice. No attorney-client relationship has been created. Consult an attorney in your state for legal advice regarding your issue.

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