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my brother and I manufacturer and distributekitchen cabinets.we

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are 50/50.we have not been...
my brother and I manufacturer and distributekitchen cabinets.we are 50/50.we have not been profitable for awhile. he keeps putting money into the business so have i 980,000 for him 225,000 this is with accured interest. The building is worth 4.5 million no mortgage separate comp. from the business. I want out he does not. what to do
Submitted: 6 years ago.Category: Business Law
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Answered in 1 minute by:
7/6/2011
Business Lawyer: MShore Law, Attorney replied 6 years ago
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Thank you for the post, I am happy to assist you by answering your questions. Do you have an operating agreement or shareholders agreement?
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Customer reply replied 6 years ago
no agreement
Business Lawyer: MShore Law, Attorney replied 6 years ago
ok, is the business a LLC, Inc., LLP, or general partnership?
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Customer reply replied 6 years ago
s corp and the real estate is separate entity
Business Lawyer: MShore Law, Attorney replied 6 years ago
ok, do you want out of both companies, or only the manufacturing/distribution company?
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Customer reply replied 6 years ago
i want out on both companies
Business Lawyer: MShore Law, Attorney replied 6 years ago
Is your brother willing to buy you out?
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Customer reply replied 6 years ago
no, he does not have the money for the 2.25 million i want. do you have any suggestions?
Business Lawyer: MShore Law, Attorney replied 6 years ago
ok, you are in a difficult position because your partner lacks the resources to buy you out. Therefore your only recourse for compensation for your interest in the business is to sell your interest in the business to a third party.Because there is no contract stopping you from doing so, your brother cannot enjoin your sale of your interest in the business. Please let me know if you have any follow up questions.
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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