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wallstreetesq.
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17130
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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I own a restaurant and have 51% control. I would like to dissolve

Customer Question

I own a restaurant and have 51% control. I would like to dissolve my relationship with my business partner and keep the business.

My partner is stealing cash from the business, is an addict and alcoholic. How do I get him out without spending any more money?

My business is a LLC company. My partner is President, I am Vice President, treasurer, secretary.

Please offer me any advice you can.
Submitted: 7 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 7 years ago.
you would typically by him out, and sue him, in your case I would threaten a criminal and civil suit against him if he signs over his shares to you.
Customer: replied 7 years ago.
I need more information as to why I do not want him to sign over his shares.
Expert:  wallstreetesq. replied 7 years ago.
you should have him sign over his shares, the only way you can do that is to have him do this voluntarily, as he is the President, his signature is needed to transfer rights to you. If he is stealing money or not operating the LLC accoridng to your by laws or partnership agreement, you can force him to turn over his shares, but Court will be needed, a threat is the best way and cheapest.