Buy out gone wrong. Have not received payment on buy out agreement (year past due date).
Asked on Oct 07th, 2014 on Business Law - District of Columbia
More details to this question:
I had a business with my two other partners. Things were going great till they decided they didn't want me to be a partner any more. It took me by surprise since I did significantly more work than one of the partners and was more invested too. They waited for an opportunity and aggressively blackmailed me saying that if I don't agree to the buy out they would sue me. I was so shocked by the turn of events (and a little frightened to be honest) I agreed and signed the papers for a buy out. Now it is past a year of the agreed date that I would receive my buy out money and I'm certain the business is doing quite successful now. I am so confused as to why I haven't received anything. What am I entitled to? What are my rights in this situation?
Based on the facts as you've presented them, your former partners breached your buyout agreement. You can sue them to recover the payment you are owed.
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