Advice for my Biz

[Brewster]

I own a business and have a partner. 50/50

I can no longer stand my partner and would like to take over everything and get rid of them.

We do not have a partnership agreement.

Profits are not great at the moment.



I do not know what to do, I do not have enough money to consult a lawyer at the moment. Im trying to keep it short and sweet, if I am leaving any important details out just ask.

[D7M]

What's your business, Brewster?

[Hazard]

so what you are saying is.....

You and another guy started a business together and it's been just a verbal agreement..... no real contracts stating that either of you gets X ammount of profits?

Has he invested any money in the business? Have you?

~Haz~

[MBMETC]

when you formed the corporation there were shares issued, theses shares unless stated differantly are equaly owned by you and your partner. in new yourk the min shares are 100 if its the same in your state then you would have to buy him out and a transfer of shares would take place

assumeing you were both on the articles of incororation

[Brewster]

We incorporated a company, 50/50 shareholding
Opened up a franchise
put in 80K each

[MBMETC]

gotta buy him out or kill him

subway franchise?

[Brewster]

gotta buy him out or kill him

Since we are failing at the momentm what do I need to buy them out for? How would we determine the value of the company.

What if they say no?

[MBMETC]

i dont know if the franchise has any input on this, might wanna find out. is your partner happy with the way things are going, maybe he would be looking to recoop his initial investment and move on. if he says no than maybe he can buy you out

[Brewster]

i dont know if the franchise has any input on this, might wanna find out. is your partner happy with the way things are going, maybe he would be looking to recoop his initial investment and move on. if he says no than maybe he can buy you out

I have given them the option to buy me out for $60K

tHEY DONT SEEM TO BE GOING ANYWHERE with it and I am sick and tired of waiting..

I would have been fine with them buying me out for that price. but It looks like they dont have access to the funds

[MBMETC]

you keep saying them, how many people hold shares?

[Brewster]

you keep saying them, how many people hold shares?

Sorry I always do that
them is one

[MBMETC]

not much you can do i think, other then buy him out, he buys you out or maybe you can contact the franchise and see if they can put you in touch with someone who has expressed interest in the franchise

[Brewster]

Im at the point where I cant handle it anymore...
I would consider screwing them over if I could.

I have lost all respect for this person

[MBMETC]

i am kinda in the same boat with my partner, he's a lazy piece os s**t who just wants to sit back and collect mony and not really put anything into it. unfortunately we dont know people till we get to involved

[Brewster]

i am kinda in the same boat with my partner, he's a lazy piece os s**t who just wants to sit back and collect mony and not really put anything into it. unfortunately we dont know people till we get to involved

fuk man...

Im at the point where the laughter of my partner makes me cringe..

[MBMETC]

i hear ya, believe me its frustrating

[thegodfather]

Approach the bank and see if you can secure the funds to buy him out of the business. Offer him the same buyout that you had considered yourself. That is, if you feel that being the sole owner, and buying him out, will allow you to turn the business around and make a profit. Do you believe the business is failing and in the red right now because of mismanagement? If it is solely because of this reason then it may be worth it. However, if the business is outright failing because of the geographical location, or any other number of factors, then it may be wise to advertise your share of the franchise for sale and walk away while you can without debt hanging over your head.

[Brewster]

Its not that we are failing. We are netting about 1-3K a month profit. (its a fail to me because it should be 20K-- and that 1-3K is without paying ourselves)

Im just starting to give up and I dont want to make money for this retard. \I am happy to leave.

[powerhouse3210]

ask him if he would consent as a partner to have you sell your shares to someone outside the partnership. maybe?

[teddykgb29]

Thats a tough situation, Is the business listed under both your names? You both put in the same amount of money? How long has the business been going? You might want to get a lawyer to draw up a partnership agreement asap. You need something on paper.