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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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my brother and I manufacturer and distributekitchen cabinets.we

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my brother and I manufacturer and distributekitchen cabinets.we are 50/50.we have not been profitable for awhile. he keeps putting money into the business so have i 980,000 for him 225,000 this is with accured interest. The building is worth 4.5 million no mortgage separate comp. from the business. I want out he does not. what to do
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Do you have an operating agreement or shareholders agreement?
Customer: replied 5 years ago.
no agreement
Expert:  MShore Law replied 5 years ago.
ok, is the business a LLC, Inc., LLP, or general partnership?
Customer: replied 5 years ago.
s corp and the real estate is separate entity
Expert:  MShore Law replied 5 years ago.
ok, do you want out of both companies, or only the manufacturing/distribution company?
Customer: replied 5 years ago.
i want out on both companies
Expert:  MShore Law replied 5 years ago.
Is your brother willing to buy you out?
Customer: replied 5 years ago.
no, he does not have the money for the 2.25 million i want. do you have any suggestions?
Expert:  MShore Law replied 5 years ago.
ok, you are in a difficult position because your partner lacks the resources to buy you out. Therefore your only recourse for compensation for your interest in the business is to sell your interest in the business to a third party.Because there is no contract stopping you from doing so, your brother cannot enjoin your sale of your interest in the business. Please let me know if you have any follow up questions.
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