How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask MShore Law Your Own Question
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
Type Your Business Law Question Here...
MShore Law is online now
A new question is answered every 9 seconds

I own a retail business in which I have a partner. We have

Resolved Question:

I own a retail business in which I have a partner. We have a general partnership agreement between us, which states that I own 60% & she owns 40%. She has never invested any money into the company. I had told her that she could just buy me out because we had a disagreement when she began discussing & making business decisions with an employee. She would also take a draw out of the company without first discussing it with me. I sent her the buyout proposal, which she never acknowledged receiving, and I let her know that although she had 60 days to respond per the agreement, that I would be checking on the business and keeping an eye on the books because I was still liable until those papers were signed. She has since tried to hide the cash bag from me & has also put a password XXXXX the POS system so that inventory can't be checked. I had questioned her about none of the paperwork being done and I found that almost $500 was missing from the cash bag when I was balancing the daily sales to make a deposit. Now I feel like I should not be the one stepping out, so that she can just have a free business. I asked her about the missing money and she doesn't give me an answer. I still haven't received the password XXXXX the system. I guess I want to know what my options are. Can I force her to accept me buying her out instead? or Can I force a dissolution of the partnership by just closing the whole business down? I already know giving her 40% for nothing was a really stupid mistake.
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. Does your partnership agreement grant the right to force a buyout of a minority partner? You can force dissolution of the partnership by closing down the business, you can also sell your interest in the partnership to a third party, or sue her for embezzlement. Please let me know if you need additional guidance.
MShore Law and other Business Law Specialists are ready to help you

Related Business Law Questions