QUESTION
What are my options if we have a 50-50 ownership but co-owner bullied me out of being able to manage the company?
Asked on Jun 21st, 2016 on Personal Injury - Wisconsin
More details to this question:
I brought on a co-owner 2 years ago and paid for the completion of an operation agreement that entitled us 50/50 ownership. Additionally, he has refused to file taxes as a member of the company. I also found out he has not paid taxes in over a decade.
1 ANSWER
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You must retain a lawyer experienced in commercial law. The considerations in determining how to proceed are very many, and strongly fact-driven. Quite often, disputes between partners are determined in court by an action for an accounting, or for partition of the business property, or for dissolution of the partnership. (In the midst of such a legal action, the partners may reach some sort of settlement.) If your partnership agreement calls for arbitration, then that is where you should go. Find a good lawyer.
Answered on Jul 22nd, 2016 at 11:05 AM