I own 51% and my partner owns 49% of our company. All money invested has been mine. How difficult to eliminate her from this business altogether?
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I own 51% and my partner owns 49% of our company. All money invested has been mine. How difficult to eliminate her from this business altogether?
Asked on May 22, 2009 under Business Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
It appears from the way you have phrased your question that there may be some type of partnership agreement in place. If that is correct, the agreement may have in it what you need to do to buy your partner out completely. If not, that is something you should speak with a lawyer about to negotiate with your partner. You stated that you funded the partnership but if your partner brought some special or unique skill to the partnership that allowed the business to prosper that can be seen as a valuable investment as well. A lawyer can prepare a dissolution agreement with a non-competition clause as well.
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