Legal Question in Business Law in Arizona

I any co founder in a 5050 partnership and my question is in regards 2 what can be done when a co founder ignores their partner with decisions and takes action of their own accord. For example a decision to fire an employee was ignored and discovered that the employee is still working and being paid by my partner. Another issue is the one partner is talking out of school and making policy changes systems changes and changing access codes passwords 2 lockout the other partners ability for vision

Asked on 3/17/13, 12:10 am

1 Answer from Attorneys

Donald Scher Donald T. Scher & Associates, P.C.

You can take legal action against the partner who is acting against the other partner and not acting in the best interests of the partnership. Do you have a WRITTEN partnership agreement? If not, you should look at AZ Revised Statutes to find the rules that apply to partnerships. The partnership agreement or state law should determine how decisions are made by the partners, and if it is a general partnership, then either partner can act for and bind the partnership with regard to other parties. You should consult with an attorney asap and learn what your rights, duties and obligations are in this business and what you can do to preserve the business and the partnership, or get your partner to buy you out, or dissolve the partnership.

Read more
Answered on 3/17/13, 2:34 pm

Related Questions & Answers

More Business Law questions and answers in Arizona