How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask MShore Law Your Own Question
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
17924466
Type Your Business Law Question Here...
MShore Law is online now
A new question is answered every 9 seconds

I own a retail business in which I have a partner. We have

Resolved Question:

I own a retail business in which I have a partner. We have a general partnership agreement between us, which states that I own 60% & she owns 40%. She has never invested any money into the company. I had told her that she could just buy me out because we had a disagreement when she began discussing & making business decisions with an employee. She would also take a draw out of the company without first discussing it with me. I sent her the buyout proposal, which she never acknowledged receiving, and I let her know that although she had 60 days to respond per the agreement, that I would be checking on the business and keeping an eye on the books because I was still liable until those papers were signed. She has since tried to hide the cash bag from me & has also put a password XXXXX the POS system so that inventory can't be checked. I had questioned her about none of the paperwork being done and I found that almost $500 was missing from the cash bag when I was balancing the daily sales to make a deposit. Now I feel like I should not be the one stepping out, so that she can just have a free business. I asked her about the missing money and she doesn't give me an answer. I still haven't received the password XXXXX the system. I guess I want to know what my options are. Can I force her to accept me buying her out instead? or Can I force a dissolution of the partnership by just closing the whole business down? I already know giving her 40% for nothing was a really stupid mistake.
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Does your partnership agreement grant the right to force a buyout of a minority partner? You can force dissolution of the partnership by closing down the business, you can also sell your interest in the partnership to a third party, or sue her for embezzlement. Please let me know if you need additional guidance.
MShore Law and other Business Law Specialists are ready to help you