Can a partnership be terminated by majority owner without any buy out or agreement to terminate partnership!
Asked on Jun 26th, 2012 on Business Law - Pennsylvania
More details to this question:
Basically I was a GM with dominos, and my boss approached me to go into a partnership with them because Dominos corporate was offering them a store that they didn''t want. Since I didn''t go to the franchisee class, they would put it in Jacks name, and after I did the course I''d buy them out of their share. They gave me 3 days to find 10-20,000 dollars for my buy in, and I couldn''t find it, so I had to turn down their offer to help get me the store. Shortly after that they approached me again, saying that they had to take the store over by the end of the month, and that they found me a lender. They''d lend me the money, and we''d pay them from the stores profits. The agreement was first verbal, but was supposedly being put on paper. I was to become acting GM, and receive a salary, same as the store I was working minus the bonuses. And that I would be a 25% owner since I was taking the salary, and there would be an 800.00 payment to the lender. I asked what would happen if I wasn''t happy as
Your question isn't complete. It sounds as if the execution of a signed writing was a condition to the creation of the "partnership" into which you thought you were entering.
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