QUESTION
I am a 50/50 parnter in a business with my ex friends. i have 50% of shares the have the other 50? Can I force a buy me or sell to me?
Asked on Jul 24th, 2012 on Business Law - Florida
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Like I said above I want out of the partnership. Is it possbile for me to buy them out or them buy me out for the amount that I offer to buy for? In other words, I do not want to dissolve the company. i am comfortable offer them a 100k for the business. They offered me 47k which the company is not worth, it is worth way more. If I want to take control of the situation can i offer them a 100k for their half and if they do not want to sell they can pay me that amount? There is NO buy out agreeement in place. One was never established in the beginning of the partnership unfortunately. I want to end this without asap. Is this possible? Can one parnter legally buy another out or say to said parnter if you do not want me to buy you then buy me for the same amount? I hope this is a clear question.
1 ANSWER
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This is virtually a FAQ here. As a general matter, the 50% owner of a business has no right to force the other owner(s) to sell to him or to be bought out by the others. What you can do is commence a judicial proceeding for dissolution of the entity. These actions are invariably settled by one party buying out the other(s), because if they cannot settle, the court will liquidate the business. See an attorney who specializes in commercial litigation. Often the mere threat of a "deadlock dissolution" action (as these are called) will precipitate a settlement. Good luck.
Answered on Jul 24th, 2012 at 9:21 PM