QUESTION
Im in a partnership at a bar and grill in Mass.Been in business 20 years.My partner wants to have nothing to do with the business anymore.
Asked on Aug 20th, 2011 on Business Law - Massachusetts
More details to this question:
I cannot afford to buy him out.He has stopped coming in at all.I work his and my shifts.I do it all.I would like to apply for an entertainment license.He does not want to sign the papers saying he rather see the business fail.What can I do? I know the business will thrive with the license.
1 ANSWER
Victor Obninsky
I think you should consult a lawyer immediately. Your partner has stopped acting like a partner if he doesn't work and wants the business to go under. Before suing him for breach of the agreement, see what provisions there are for buyouts. Maybe you can agree on a price based on profits or appraised value. A good business lawyer should have suggestions designed to give you sole control and keep both of you out of court. The latter is always a good idea if at all possible. Good luck.
Answered on Aug 21st, 2011 at 1:35 PM