Problem With My Partner

Users who viewed this discussion (Total:0)

Joined
Jun 13, 2015
Messages
10
Likes
6
Points
3
Thread starter #1
Me and my friend running a shop, this is a limited company and our partnership agreement is 50/50. We are both directors here. We are working together about 3 years and paying bill equally. In recent he opened a new shop with some other people and he also using our company name. I notice that he is also showing less attention to our shop as well. So, what should I do now?
 
Joined
May 13, 2015
Messages
51
Likes
10
Points
8
#2
He owns 50% of the business, not 50% of the shop.I think it's better to arrange a directors meeting.
 
Joined
May 13, 2015
Messages
41
Likes
14
Points
8
#3
If you don't have a shareholders agreement, then as 50/50 owners you need to agree everything. If there is no agreement, then you cant do anything. The company is deadlocked.

The only way to proceed is to persuade your partner to agree (probably at this stage that either (a) he buys you out, (b) that you buy him out, or (c) that you sell the business and split the profit - if any - and then walk away).

If you can't agree a solution with him, you'll have to go to court to ask the court to impose a decision (usually one of those three I have just mentioned) on the company.
 
Joined
Sep 15, 2015
Messages
197
Likes
23
Points
18
#4
You should definitely talk to him about it. He needs to know that it's going to cause problems. He needs to be totally focused on your company and partnership.
 
Joined
Sep 18, 2015
Messages
540
Likes
171
Points
43
#5
I believe you should really talk to him regarding this issue before it already has gotten out of hand. He shouldn't be neglecting your shop and investing more time in other partnerships. If he isn't interested with your business anymore, then he should just tell this to you right away.
 
Top