Ohio  |  Business Law

Legal Question

Asked on: 1/09/07, 2:38 pm

quiting partnership

I am an office holder in a C corp and my partner has turned out to be a lazy bum who threatens the business. I want out. How can I turn over my interest in this aborted business to him?

1 Answer

Answered on: 1/11/07, 5:06 pm by Joseph Jacobs

Re: quiting partnership

I cant tell if this is a partnership or a corporation. If it is a partnership, it's over the minute you want it to be, and all of assets are divided. If it is a corporation, then we look to the rules as set forth in the Articles Of Incorporation. Generally, you can negotiate your way out of this, but if you both do not agree, then you have to sue him and a jury determines your value or share of the corp.

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