Partnership dispute

[dawb]

Hi

In 2008 we drew up a basic partnership agreement, between myself and my partner everything being 50/50.

Our relationship broke down in 2010, in which I checked that if I moved out that he would not be able to take the business away. The reply was that I could live in tin but two and marry with 20 kids he can not do a thing as long as I am actively involved with the business.

The business (Cafe) was purchased in my partners name and the lease is in his name and his name is on land registry, all I have is the partnership agreement which has been made.

At times things are unbearable with running the cafe together, so I have offered to buy him out?? He has said that hes not selling his half so I asked him to buy me out and his reply was no, I presume he cannot afford it.

So my question is we are at stalemate and I want out what are my choices if any? have you any suggestions? or any advice please.

 

[saxondale]

pistols at dawn ............... seriously.

 

[akirk]

if your partnership agreement allows it - sell your half...
if not, walk away, or stay.

why did you purchase the cafe in his name / take out the lease in his name / etc.?

Alasdair

 

[Miles Shelbourne]

Depending on the terms of the partnership agreement and the wider partnership law you may have no option but to apply to the Court for dissolution of the partnership business if your partner won't buy you out. This could be expensive - and it may be that threatening it by solicitor's letter may achieve a resolution.
Miles Shelbourne

 

[The Resolver]

Talk to me if you wish -what I do at boardroomresolve also applies equally to partnerships. Same issues.

You can terminate the partnership simply by written notice and thereaftr an account is to be taken and as Miles says the court can adjudicate on what happens nexti but the cost incurred makes this unwise also gven the lease is in his name do not dissolve without advice as the lease gives him an advantages as to what happens next.