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I am the current president and own 50% of the corp stock of

a Supermarket business. I...
I am the current president and own 50% of the corp stock of a Supermarket business. I had agreed to sale my 50% stock for a $ amt and was hoping to close in 3 months. today, 18 mths later I have not received a penny nor the buyer (my old partner) wants to sale the business to me nor anyone else. I am kind of stuck and not sure how to get my money out or buy him his part to get him out? Do I need to force a partition sale? (ps. my old partner is my brother-in-law)
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Answered in 2 minutes by:
12/7/2009
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 59,024
Experience: Experienced lawyer
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You should begin with a lawyer letter demanding he close within a week's time. If that is not successful, the next step is indeed to sue to force the partition/dissolution of the company. Often this brings on settlement as planned.
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Customer reply replied 8 years ago
We have already given him 3 letters with warnings... Nothing since to work and neither him or his lawyer response back to us.
Then the next step is a lawsuit which will either bring about the settlement or a court order to same effect.
Infolawyer
Infolawyer, Attorney
Category: Business Law
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Customer reply replied 8 years ago
Do you do a lawsuit or a partition Action? Are they the same?
They are the same. The relief is just different from a run of the mil lawsuit since you are not seeking money relief. It is equitable relief and this should be done by a business lawyer for you.
Infolawyer
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