Have Legal Questions? Ask a Lawyer Now.
Thank you for your follow-up, Anh.What you are describing is ultimately going to potentially take litigation. You would need to properly evaluate the cost of the business, and figure out the actual value. This may require you to retain accountants, likely business accountants who can estimate the value of the business by calculating assets, debts, accounts receivable, and value of future benefits, projects, or good will. Then you would need to retain a corporate counsel to file suit in court for a formal request to 'partition' the business between the parties OR issue a right to sell the business so as to split the value of the sale between the parties in proportion to their interest. The written agreement you have can be the basis for the suit, if the other party is refusing to split losses, and permit you to separately file for breach of contract or for breach of fiduciary duty against the other owner in this instance.Neither of you can force the other to sell. But you can pursue this partition, and then potentially 'buy' the company if it is ordered by the coruts to be sold. That may be an option to sell, or have the company be sold in this instance.Good luck!
Thank you for your follow-up, Anh.Let me try to address each issue in order. You mentioned 'trouble'. What's going on?As for the agreement, you also mentioned in the past that it was not in writing, correct?I am personally barred from assisting you based on state law and site rules. If you wish to retain counsel, you can do so by browsing the listings at www.avvo.com and www.martindale.com. You would need an attorney because a business is legally considered to be a separate entity, and one that has to have formal legal representation that is separate and one that the owners cannot provide unless they themselves are formally permitted to practice law in that state.Hope that helps.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).