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Problem With My Partner

Discussion in 'Employees and Human Resources' started by Patrick Brennan, Jun 26, 2015.

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  1. Patrick Brennan

    Patrick Brennan Member

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    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?
     
  2. Dandelion

    Dandelion Member

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    He owns 50% of the business, not 50% of the shop.I think it's better to arrange a directors meeting.
     
  3. Zuckerberg Jr

    Zuckerberg Jr Member

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    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.
     
  4. harpazo22

    harpazo22 Member

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    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.
     
  5. dyanmarie25

    dyanmarie25 Member

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    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.
     

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