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 Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7155
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
Type Your Legal Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

If my partners close down a business to force me outhow do

Customer Question

If my partners close down a business to force me outhow long do they have to wait to reopen
Submitted: 7 months ago.
Category: Legal
Expert:  Irwin Law replied 7 months ago.

If the partners choose to close down the business they will have to liquidate the assets and pay all of the liabilities, plus distribute any remaining money according to the percentage interests of the partners. There is no time limit on them reopening a similar business, but they cannot use the same assets because those have to be liquidated.. If there is value in the name, you may be able to stop them from using it. The small business maneuvers between partners and small corporation shareholders can get very tricky and technical.

If not, I hope that you will enter a positive rating for my assistance here by clicking on 3, 4, or 5. There is no additional cost to you. Thanks again for using JUST ANSWER.