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Asking about buying out a business partner. Western

Asking about buying out...

Asking about buying out a business partner

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Western australia

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Its a 50/50 partnership with no formal written agreement. We have put more into the business i.e machinery, reduced rent on workshop..........we want to retain the business

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Answered in 5 minutes by:
1/16/2018
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,569
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified

Dear customer, my name is***** solicitor in Melbourne, thank you for using Just Answer, I will assist with your question today.

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ok

you need to obtain a valuation on the business, complete a PPSR search on the asset, and then enter into formal written contracts which removes all claims by your partner to the business.

does this answer your question today ?

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Customer reply replied 7 months ago
do we have more of a legal standing that we own more of the business due to the machinery and the rent...

yes you do and it will come down to a negotiated price.

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Customer reply replied 7 months ago
we own the workshop where the business is operating, and the other partner has never put any equity into the business. So that would be a clear cut case then? I will save this email and get my husband who is the operating partner to ring you

there are many ways to resolve that issue but it will still come to down to a negotiation.

i have extended a special offer to talk on the phone. please have a look as it will help you

John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,569
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified
John Melis and 87 other Australia Law Specialists are ready to help you
Ask your own question now
Customer reply replied 7 months ago
You can ring now I’m free

you will need to ring me as your numbers do not display

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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).

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