Legal Question in Business Law in California

I own a restaurant and recently I was pressured into splitting partnership and giving up my controlling stock (e.g. threats to have my green card taken away, landlord making threats). I signed the contract but am still the sole owner as of yet. I have been unhappy after signing the contract and with the way things have been going (My 41% stock seems too low because the restaurant is my life's work as a chef and the rest of the stock was given to people who paid off debt to my landlord for me. I invested much more of my money starting the restaurant than 41%.). Could I refuse to sign the paperwork from the city that will sign over his business to his partners, and reverse every thing? The contract creates a partnership based on the payment of debt by new partners.

Asked on 3/26/16, 10:44 pm

1 Answer from Attorneys

Jerold M. Gorski Law Offices of Jerold M. Gorski

I would need to see the contract you signed. The people who paid off debt to your landlord also took on a risk by accepting 59%. Even if it is "too late," business deals are often renegotiated, but it depends entirely on the leverage of each party involved and oftentimes some creative thinking on various options -- particularly those that might present a "win-win" for both/all sides.

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Answered on 3/29/16, 3:18 pm

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