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My business partner & I bought 1 business & lease another.

Customer Question
my business partner & I...
my business partner & I bought 1 business & lease another.
we both run 1 each but he has full control (banking & bills) of the 1
I run, he as been bleeding the business & now he is trying to force
me to sell the one I run stating it is no longer a good business & he can't keep bailing me out. He as not paid my staff last month, & he states I will not get anything out of the business as it is making a loss.
Even though the one he runs is doing well. I have got a letter from his lawyer stating he will be seeking to dissolve the partnership. what can I do as I can't afford a lawyer & he knows this, this will be about the 3rd time he as done this to other partners, I now know
Submitted: 2 months ago.Category: UK Law
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Answered in 31 minutes by:
9/13/2017
Solicitor: Maverick, Advocate replied 2 months ago
Maverick
Maverick, Advocate
Category: UK Law
Satisfied Customers: 6,425
Experience: 20 years proefessional experience
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Solicitor: Maverick, Advocate replied 2 months ago

Partners in a partnership owe each other fiduciary duties. These are found in common law and in the Partnership Act of 1890:

1. To act in the utmost good faith to the partnership and the other partners.

2. Not to make a personal profit from the trust placed in them.

3. Not to place themselves in a position where their own interests conflict with their duty.

4. To account to the partnership for any benefit derived without consent of the other partners, from any transaction which involves the partnership or any use by the partner of the partnership property, name or business connection.

5. To account for and pay to the firm any profits made in any business which competes with the business of the partnership, without consent of the partnership.

6. To render true and accurate accounts and full information of all matters relevant to the partnership, to the other partners or their representatives.

7. Not to place themselves in a situation where their and/or another’s interest would or may conflict with duties owed to the partnership or the other partners.

This means that a partner is under an obligation to notify the partnership of any information concerning clients which is relevant to the partnership, and must not divert a business opportunity away from the business, if that opportunity is being negotiated while they are still a partner. It also means a partner must account for any benefit obtained or received by reason of their position, or from an opportunity or knowledge resulting from it. Finally, the partnership must give its full informed consent to absolve a partner from their obligation to account for profits made.

So, it sounds to me that if he has been bleeding your business dry and now blaming you for it, he may be in breach of the fiduciary duties and liable for losses that you incur. You will probably need send a letter making a counter threat / demand based on the law cited above. It would be best if you could at least pay a lawyer a small fee to send one out to see if it will force him to the negotiating table.

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