Legal Question in Business Law in Connecticut

Selling a business I own to a ''partner''

I 've owned a small retail business for 3 yrs. In Jan. 06, a 'partner' came on ( in name only), no cash or anything exchanged. No physical assistance took place. I have been out on a family medical leave since Jan. 07, I have received NO INCOME from shop! Now 'partner'' wants my name off (I am president), but does not want to give me any compensation for taking over business. What are my rights, what am I entitled to?


Asked on 4/11/07, 7:35 am

4 Answers from Attorneys

Jonathan Hoyt The Hoyt Law Group, LLC

Re: Selling a business I own to a ''partner''

Your inquiry raises a number of questions. First what kind of legal entty are you? You mention a partner but then you say you are the President. The two are inconsistent as partnerships do not have presidents although under CT Law LLCs can have officers. You really need to see an attorney who can obtain the whole fact scenario from you and advise you properly.

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Answered on 4/11/07, 11:59 am
Nicholas Adamucci ADAMUCCI, LLC

Re: Selling a business I own to a ''partner''

You would need to provide more information in order for me to give an answer. For example, the answer may depend on what the type of business is (ie. LLC, Corporation etc.). In any event, you are most likely entitled to compensation.

If you need help, you can email me at [email protected].

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Answered on 4/11/07, 8:10 am
Andrew Magwood Andrew A. Magwood Attorney at Law

Re: Selling a business I own to a ''partner''

It sounds like you are owed money for the business, in part, at least. Also, it does not appear that you have been "forced out" at all. Partnerships can be negotiated as they evolve. It seems to me that you need to clarify what your objectives are first, and then determine your legal course of action. give me a call if you want to discuss further. 860.786.8763

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Answered on 4/11/07, 9:03 am
Ruth Emily Kochard Ruth Emily Kochard, Counselor at Law

Re: Selling a business I own to a ''partner''

The situation that you describe gives rise to numerous issues that affect your rights to recover and I do not believe that can be answered in a couple of sentences. I will be glad to discuss this specifically upon request.

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Answered on 4/11/07, 9:22 am


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