Legal Question in Business Law in Illinois
2 partners owned a golf course for 20 years. Now one of the partners wants to buy the other out. Their CPA told them the price for buying the one out is what was invested initially. Is this true even after 20 years of buseness?
Asked on 1/09/12, 5:48 pm
1 Answer from Attorneys
Sanford M. Martin
Sanford M. Martin, P.A.
If the partnership has a partnership agreement, which is common, the price is
determined by the agreement provisions. Otherwise, the price would likely be the
prevailing or fair market value. There is no law which governs such matters which is
the reason for partnership agreements.
Answered on 1/09/12, 6:02 pm
Related Questions & Answers
-
I'm suing for monies owed for non-payment of sub-contract work. It is just over $5k... Asked 12/29/11, 10:28 am in United States Illinois Business Law
-
Somone used my name to open a business and is currently operating it with me as... Asked 12/29/11, 9:01 am in United States Illinois Business Law
-
We are a small online distributor of Italian imported coffee and we have just begun... Asked 12/16/11, 10:12 pm in United States Illinois Business Law
-
Im taking a intro business law class and have a few questions Im struggling on.. Can... Asked 12/06/11, 8:23 pm in United States Illinois Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
