Legal Question in Business Law in Arizona
Two Restuarant Partners
Two men put in $4,000 each to start up a resturant business. Bought a building at $700 a month for resturant. Business Cost and supplies to be divided in half by owners. After a few months one partner decides to leave the business. That partner agrees to rent his part for $500.00 a month to the other partner, written contract between both partners. Five months down the road partner with the business decides he can't continue to make the payments to the other partner because cost of running the business and making mortgage payments is to high. He asked the other partner to sell him his half and he is unwilling to. What can the partner with busniess do to solve this problem and get out of having a partner.
1 Answer from Attorneys
Re: Two Restuarant Partners
Examine the provisions of your partnership regarding termination and dissolution. The best way to force a buy-out is to put the partnership into dissolution, one party will ordinarily buy out the other.
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