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Roger
Roger, Attorney
Category: Legal
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I AM A 55% PARTNER IN A FLORIDA LLC, THE 45% PARTNER ABANDONED

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I AM A 55% PARTNER IN A FLORIDA LLC, THE 45% PARTNER ABANDONED THE BUSINESS
BOTH PARTNERS WERE ACTIVE IN THE OPERATION. THE 45% PARTNER ATTEMPTED TO
TAKE ALL THE CASH IN THE BANK ACCOUNTS BUT WAS STOPPED BY THE BANK
THE 45% PARTNER IS NOW FILING AN ACTION TO FORCE ME TO PAY THE "APPRAISED"
VALUE OF THE BUSINESS TO HIM. THERE IS NOWRITTEN PARTNERSHIP AGREEMENT
IN ORDER TO CONTINUE THE BUSINESS I WAS FORCED TO HIRE SOMEONE TO DO THE JOB THE OTHER PARTNER WAS DOING ON A REGULAR BASIS.
Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.

In this type of situation, the partner has a right to dissolve the company to liquidate his interest in the company. IF you wish to keep the business and continue, you would have to buy him out, but you should also be able to deduct the expense of having someone cover for him in his absence.

However, if you want to cash out as well, then you can so that. You can't be forced to pay him, but you may be compelled to do so in order to keep the business.
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