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I am a 50/50 partner in a restaurant ( S corp ). We do not…

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I am a 50/50...

I am a 50/50 partner in a restaurant ( S corp ) . We do not have an operating or partnership agreement . My partner is driving me nuts. He is mentally unstable and has so many issues going on in his personal life. his also an X vet with PTSD. He is harming the business and treat employees terrible . we had several occesions where these employees left and threatned to file a complaint about the businss in the labor dept. We changed his shift around hoping that he would change but it didnt work out and he wanted to go back to his old working shift. He also attempted to sell his shares to someone without letting me know. But he changed his mind during the deal meeting ( changed his mind several times ) SO he created this image for him self where even if I want to sell no one will want to partner with him and this also has effected me. I am thinking to buy him out but the likely-hood of him selling is really low. I do not want to sell this promising business but I do not know what to do?

Submitted: 2 years ago.Category: Business Law
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Answered in 1 hour by:
3/1/2016
Business Lawyer: Roger, Attorney replied 2 years ago
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'll be glad to assist.

Unless the operating agreement provides for other options, generally, the only way you can get rid of his would be (1) to buy him out or (2) to dissolve the corporation, divide the proceeds and liabilities and then start a new company on your own.

It would certainly be easier for you to buy him out and avoid all that goes along with dissolving and starting over.......but that just depends on whether he's agreeable to selling you his interest in the corporation.

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Business Lawyer: Roger, Attorney replied 2 years ago

If you have any follow-ups, just post it below and I'll respond. Thanks.

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