Business Dispute FAQ’s

Question:

Category: Business Law
Location: NJ
Subject: Partnership Dispute
Hello and thanks for looking at my question: I want my partner OUT, it’s a mess, and we can’t agree on anything. There are no responsibility agreements, but it seems like I’m the one doing all the work, and all he does is nothing. I approached him, and asked if he was interested in selling his portion, but he declined.

There is a formal partnership agreement written with a ‘certificate of shares’ signed by both the partners, issued by a CPA I own 55% of an LLC He owns 45% I contributed 20K He contributed 5K We have all the legal work regarding partnership percentages and contribution$$$ What choices do I have?
Thanks in Advance GG

Reply

Category: Business Law
Location: NJ
Subject: Re: Partnership Dispute
GG: Unfortunately, CPA’s do not have the training and legal background to prepare partnership agreements. Just because you contributed more and do most of the work does not necessarily entitle you to control the partnership. It all depends on the exact terms of your agreement.

You need IMMEDIATE help from a good business attorney. You need to have an analysis of the status of your agreement, what are your rights, and the best course of conduct.
I hope this helps!

Ron Cappuccio