New York | Business Law
Legal Question
I own a company that is in my name. I took on two partners (one is my wife who is a chinese citizen with no ss #). The other is an American. We all own 1/3. The only thing I have stating that the other two are partners is a single piece of signed paper with a few sentences saying that they are both 1/3 owners with me, nothing more. My wife and I want to buy out the other partner. He will probably not want to leave. What can I do?
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Legal Answer
Attempt to negotiate a deal.
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David A. Browde, P.C. 604 Quaker Road Chappaqua, NY 10514
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Legal Answer
If he does not want to be bought out, as 2/3 owner (with your wife), you may petition for dissolution. Upon dissolution you would determine the value of the company and then pay the partner his 1/3 share. You would then start another company (with your wife) where each would own 50%.
Mike.
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Michael A. Markowitz, PC 1553 Broadway Hewlett, NY 11557
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