QUESTION
Do we have to aquire permission from a partner to remove them from our DBA?
Asked on Sep 27th, 2012 on Business Law - New York
More details to this question:
No contact from one of the partners weeks after starting business so decided to remove them from the DBA. There was no written agreement between us, and we had majority (3 of 5) partners agree and sign ammended DBA. Worried of lawsuit from ex-partner because we did not notify him until after the DBA was ammended.
1 ANSWER
Business Transactions Attorney serving Los Angeles, CA
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Doland & Fraade
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Just answered your question on a different law question site! Yes, you do have a fiduciary duty to your former "partner" to let them know everything and that notice should be in writing to protect yourself. Your partnership should also consider getting an "outside general counsel" for the numerous legal questions which arise in the life of every company.
Answered on Sep 27th, 2012 at 1:25 PM