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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 116701
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I have a business I own 50% my partner ownes the other 50.

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I have a business I own 50% my partner ownes the other 50. If I want to leave the company and he wants to keep it does he have to give me half of what the companies assets are? there are a few pieces of equipment and some material that can be sold and some cash in the bank.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

I am afraid that when there are equal partners in a business, if they have no partnership/membership agreement that states how a partner will be bought out from the business, one partner leaving does not automatically get 1/2 of everything in every case. The assets and debts of the business have to be examined and an net value of the business must be determined. Once the net value is determined (assets minus debts and liabilities) then the leaving partner would be entitled to the 50% share of that net worth of the business on a buy out.

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Customer: replied 4 years ago.

ok and if the other half of this partnership wanted to keep the business for himself or bring in another partner would he or whoever he brought in as the new partner buy my 50%?

Thank you for your follow up.

If the other owner wants to bring someone else in, then it is up to the other party buying in and the other owner as to what this person would have to pay to buy into the business and the value of that interests. This is why you have to put a net value on the business to determine what your share should be.
Customer: replied 4 years ago.

Thank you

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