Legal Question in Business Law in New York

have a restaurant and gm wanted me to expand and let him buy in. I finally agreed and eventually opened. He then found another opportunity to own in another town. He has purchased that placed and I am refusing to let him sell to anyone but me. Can I sue him for damages of some sort. I have controlling interest and am majority owner, however I am absentee owner and it is a hardship. Thank you


Asked on 1/06/13, 5:43 pm

1 Answer from Attorneys
Roman Fichman Esq. Law Practice of Roman Fichman Esq.

The answer to your question largely depends on the purchase agreement you have with the GM. That agreement should contain contingencies and purchase rights in the event one of you wants to sell. If it does not contain such terms or if you don't have a proper purchase agreement then you should immediately seek consultation with a business attorney.

Contact my office at your earliest convenience to schedule a telephone call.

Roman R. Fichman, Esq.

www.TheLegalist.com │ @TheLegalist

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Answered on 1/07/13, 7:46 am


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