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I went to a friend with a business idea last year. We started a GP (partnership agreement signed on Rocket Lawyer). It is 50/50 partnership. We have invested the same amount of startup cash and we are both listed on Trademark & all business matters. I am having issues with her not carrying her weight with the business. She is unreliable and not trustworthy. I've even receive calls from people trying to find her because she owes them money. I've approached her twice regarding her lack of commitment and she's been very understanding and apologetic and owned up to not carrying her weight, however nothing has changed. I am interested in dissolving the partnership but want to know my options, as well as the possible recourse she has. I ultimately want to make sure myself and my business are protected, even if that means buying her out, giving her a percentage in perpetuity or something similar. Thank You in advance for your time.
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Your partnership agreement is the first place to look for your rights and responsibilities upon leaving the partnership (dissociation). If the partnership agreement does not fully explain how a partner dissociates or how to dissolve the partnership, then California statutory law takes over. This is complex. Call or email an attorney for a full consultation.
Answered on May 21st, 2017 at 4:54 PM