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Getting rid of partner
Posted on 8/12/10 at 9:38 am
Posted on 8/12/10 at 9:38 am
Anyone have any experience in La. getting rid of a partner? We have a signed partnership agreement but he isn't pulling his weight. Any good lawyers to contact? TIA.
5
Posted on 8/12/10 at 9:50 am to EOT
Either get your partner to agree to dissolve the partnership, buy him out or sell out to him.
One approach I took with a 50/50 partner years ago went like this: I told him the partnership was not working. I told him to come up with a dollar amount for what he thought our partnership half was worth. Then, I would either sell my half to him at that figure or I would buy his half at that figure.
Other than that, it's court time for you and the suits will end up with most of your money.
One approach I took with a 50/50 partner years ago went like this: I told him the partnership was not working. I told him to come up with a dollar amount for what he thought our partnership half was worth. Then, I would either sell my half to him at that figure or I would buy his half at that figure.
Other than that, it's court time for you and the suits will end up with most of your money.
Posted on 8/12/10 at 10:00 am to EOT
I'd follow Russian's advice, though if he's not pulling his weight he may try to lowball you on a price (if he even gives you one; he probably knows he can't cut it but if you leave he's screwed).
If he quotes you a low price buy him out; if he quotes you a high price have him buy you out.
If he quotes you a low price buy him out; if he quotes you a high price have him buy you out.
This post was edited on 8/12/10 at 10:02 am
Posted on 8/12/10 at 10:06 am to Quidam65
quote:That is why I made him come up with the 'worth' of our halves. He knew I knew more about the business than he did so no matter what figure he came up with, he'd be screwed.
If he quotes you a low price buy him out; if he quotes you a high price have him buy you out.
The result was he started doing what he was supposed to do in the partnership like he had agreed to do originally. My ultimatum offer scared the crap out of him.
Posted on 8/12/10 at 12:07 pm to EOT
quote:
Anyone have any experience in La. getting rid of a partner?
Posted on 8/12/10 at 12:18 pm to LSURussian
quote:Those would be your best options.
Either get your partner to agree to dissolve the partnership, buy him out or sell out to him.
Otherwise, your contract may offer remedy. A good lawyer is HIGHLY recommended.
Posted on 8/12/10 at 8:29 pm to EOT
Unless your partnership agreement has clearly laid out conflict resolution provisions, I'd highly recommend that you contact a corporate attorney. I'd offer to help but tomorrow is my last day practicing law 
Posted on 8/12/10 at 8:33 pm to EOT
What kind of ship doesn't float?
A partnership.
:drumroll:
A partnership.
:drumroll:
Posted on 8/12/10 at 9:06 pm to urinetrouble
quote:
What kind of ship doesn't float?
A partnership.
:drumroll:
I think what you're looking for is actually a :rimshot:
Posted on 8/12/10 at 9:34 pm to lnomm34
I bought my partner out last year. We agreed on a number and it was no big deal.
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