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Richard, Attorney
Category: Business Law
Satisfied Customers: 55595
Experience:  32 years of experience practicing law and a businessman.
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I need to know if I am correct in my thinking. I am currenlt

Customer Question

I need to know if I am correct in my thinking. I am currenlt working for a company that has two partners, 1 being my husband and the other being a business associate. The business associate would like for me to sign over the telephone number that I have owned for 16 1/2 years. When the phone bill comes into the office it comes as xxx xxx o/a xxx xxx Professionals. My husband and I had a business without this other person and he just basically walked into it with not paying anything. I kept the telephone number in my name as kind of an insurance policy. My questions is should I make them buy the number from me or should I just sign the paper work over to them. Yes I am married to one of them but when the first company had the number it could not go into his name for legal reasons so we had to put it into my name so I feel they should have to buy the number from me in order for it to go into their names. The company is a partnership and is not incorporated.
Submitted: 7 years ago.
Category: Business Law
Expert:  Richard replied 7 years ago.

Hi there. I understand your concern. I have a couple of thoughts. First, I agree with you on the phone obviously has value and you should be compensated for it. It doesn't make any difference who are the partners...the partnership would be obtaining the number and it should pay for it. If the response is that the business associate doesn't think it is worth anything, then you can tell him if it isn't worth anything, then I'll go ahead and keep it. Second, I think they should consider incorporating their partnership or forming some other limited liability entity to protect their personal assets in the event the partnership would run into some financial issues or face some lawsuit in the future. I know you didn't ask that question, but these days it is unusual for businesses to operate in the general partnership form where the partners all have joint and several liability for the partnership's liabilities.



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