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If a partner in a corporation who has 39% ownership, the

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other partner owns 61%, wants...
If a partner in a corporation who has 39% ownership, the other partner owns 61%, wants to split company and take his 39% out and start a new company is this doable?
Submitted: 1 year ago.Category: Legal
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10/10/2016
Lawyer: LawTalk, Attorney replied 1 year ago
LawTalk
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Satisfied Customers: 37,855
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Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

Yes, it is doable. However, it would require that the majority partner agree to buy you out, or if the By-Laws of the corporation allow it, require that you sue to force the dissolution/liquidation of the corporation, or in the final alternative you may sell your share of the corporation to a new buyer.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

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Lawyer: LawTalk, Attorney replied 1 year ago

It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, for a very nominal charge I can offer you a private phone conference.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance for your rating of my service, It is greatly appreciated,

Doug

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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