Legal Question in Business Law in Indiana

Restaurant partnership dispute

I recently started a business with my

father with all good intentions. Just

the other day he came to me and

wanted for me to sell him half of the

shares of the corporation, which now

are 100% mine. I do not wish to sell

to him because this is supposed to be

my business and he is only helping

me get started. He also has signed

the paperwork with me for the

purchase of the property, but did not

put any downpayment towards it. I

made a large investment in the

property. What are my legal rights

in this situation?

Asked on 6/28/07, 9:19 am

1 Answer from Attorneys

C. David DuMond Law Offices of David DuMond

Re: Restaurant partnership dispute

It is not possible to make an accurate statement about your legal rights. This will require a review of all the documents and facts in the case. I assume from your question that your father lent his credit and credentials to your business. You may or may not have a legal obligation to share formal ownership, but you need to consider a lot more than your legal rights. I suggest you and your father sit down with a real lawyer and discuss what you both really want and honestly state your reasons for it. Don't be too eager to enforce the letter of the law against your father, lest he do the same against you some day. Good luck.

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Answered on 6/28/07, 10:02 am

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