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I am a equal partner in a business. I was" fired" I have no partnership agreement!
Anonymous8 views3 answers
I have been working on getting funds together to hire a business attorney! But the business is suffering and dropping at a rapid rate. In our partnership he has been the financier and I
have the know how and experience. I also am the working partner. I worked 14-17 a day before i was fired.
He didn't want the business since he fired me but he does not want me to have it. So now he have quit making the Rent payments as well as the note to the person who we bought the business from. So I was informed that it was closed. I called our landlord and she said that my partner had voluntarily turned the business back to her and she was going to let him out of the lease agreement. I told her that i would make the back payments because i want to keep the business. She said she already has
sold
I am sorry about the problems. Business attorneys always shake their heads when people do business for 100s if not 1000s of hours or spend considerable sums but do so without advice of an attorney and a solid written agreement. Because you have no agreement, the only way to unravel this mess and get some compensation is through the courts or by a mutual agreement.
Partners can't be "fired" unless there is a specified agreement on those terms. As partners you owe each other various fiduciaries duties which may have been breached. You also have a right to an accounting. It is good that you are getting money together to hire a business attorney. There may be ways to resolve this and allow you to proceed with clear ownership, but this can only and should only be done with advice and a clear agreement. Good luck on your matter.
This sounds bad, but I'm not clear on what your damages would be. Without an agreement, your partner isn't required to continue paying for something he doesn't want to do anymore, or sell his share of the business to you. Is there some reason you can't find another partner, offer to purchase the business from the new owner, and pick up where you left off?
Robert Vance SalterDivorce / Separation LawyerWheat Ridge, CO ·
Unfortunately you are probably not going to be able to operate the business that you had before. You had no formal agreement and one of the partners pulled out, so the partnership is over and will need to be wound up. The only thing you can really do is to ensure that you are given your share of any value / equity / assets that the business has. If it doesn't have any value at this time (which sounds likely from your description) then there really isn't much for you to do except to start looking for your next venture and to ensure that you use your experience to make sure you have a better understanding with future partners and a solid operating agreement the next time around.
