Legal Question in Business Law in New York
I own a company that is in my name. I took on two partners (one is my wife who is a chinese citizen with no ss #). The other is an American. We all own 1/3. The only thing I have stating that the other two are partners is a single piece of signed paper with a few sentences saying that they are both 1/3 owners with me, nothing more. My wife and I want to buy out the other partner. He will probably not want to leave. What can I do?
Asked on 9/01/10, 5:00 pm
2 Answers from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
If he does not want to be bought out, as 2/3 owner (with your wife), you may petition for dissolution. Upon dissolution you would determine the value of the company and then pay the partner his 1/3 share. You would then start another company (with your wife) where each would own 50%.
Mike.
Answered on 9/07/10, 4:54 am
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