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Ask Asad Rahman Your Own Question
Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2185
Experience:  Practicing Attorney with 10 years experience
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I'm a partner (50% owner) in a two person Partnership. My

Customer Question

I'm a partner (50% owner) in a two person Partnership. My partner is also 50% owner.
My partner wants to retire but I want to maintain the business.
Can I simply remove him (he is willing to just sign off and walk) and maintain the business?
I want to keep the Name, EIN, balance sheet and books and records. How do we do this?
Submitted: 1 year ago.
Category: Business Law
Expert:  Asad Rahman replied 1 year ago.

Do you have any sort of partnership agreement in place?

Customer: replied 1 year ago.
no
Expert:  Asad Rahman replied 1 year ago.

Ok let me do some research.

Expert:  Asad Rahman replied 1 year ago.
this statute governs your business. http://www.leginfo.ca.gov/cgi-bin/displaycode?section=corp&group=16001-17000&file=16100-16114
Expert:  Asad Rahman replied 1 year ago.
There is no basis to force him out without buying the other's interest.
Customer: replied 1 year ago.
I find your answer as non-responsive to my needs. I didn't ask for the ccp, I asked "how to go about it"
Expert:  Asad Rahman replied 1 year ago.

Well you have two options. You can try to force him to sell or buy or you can sue him for breach of fiduciary duty. You can argue his actions undermine the company. This suit might put pressure on him to negotiate a buyout.

Expert:  Asad Rahman replied 1 year ago.

Let me know if you have additional questions otherwise a positive rating is appreciated. I am happy to discuss in more depth via telephone but there would be additional charges.