This happens a lot and the partner who wants to leave is pretty much stuck with having to take whatever he is offered for his half of the business. He can not force you to sell what is 50% yours unless that was an option in the partnership agreement. If he actually found a lawyer to take this matter to court to force you to sell the business; the fact that he couldn't find a buyer for his own half would weigh against him in his inference that he can get more than you would be willing to offer. Discuss this with your attorney, just to make sure you are covered. If you do not have a written partnership agreement that covers options for leaving the business, you could be in a bit of hot water; not because you will lose the business but you will end up paying a lot of money to an attorney to help you keep it.
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Submitted 146 days ago...
My partner wants to leave
Hi, my partner wants to leave the partnership for personal reasons.
He wants me to buy him out for a certain price which I do not agree to pay. I told him to find a buyer for his share but he could not. We own 50% of business each and do not have buy/sell agreement. My question is if he can legally force me to sell the entire business to get his share.
Thank you in advance,
Pete
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