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LawTalk
LawTalk, Attorney
Category: Legal
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Experience:  I am a practicing attorney with more than 30 years of experience in the legal field.
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If a partner in a corporation who has 39% ownership, the

Customer Question

If a partner in a corporation who has 39% ownership, the other partner owns 61%, wants to split company and take his 39% out and start a new company is this doable?
Submitted: 3 months ago.
Category: Legal
Expert:  LawTalk replied 3 months ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

Yes, it is doable. However, it would require that the majority partner agree to buy you out, or if the By-Laws of the corporation allow it, require that you sue to force the dissolution/liquidation of the corporation, or in the final alternative you may sell your share of the corporation to a new buyer.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Expert:  LawTalk replied 3 months ago.

It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, for a very nominal charge I can offer you a private phone conference.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance for your rating of my service, It is greatly appreciated,

Doug

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