Ownership dispute, buseness and land
Issue is there exists a written agreement between partners and owners; it involves property/business; the agreement notorized.
The one party has been a silent partner, forcing sale of his share; without any regard to the specifics of the written agreement on the active owner-partner. The active owner has made significant improvements on the physical property involving the business; has borne all debts and profits. The partner relationship is 60-40; the active partner is the 40% owner. Agreement is based on cash investment plus interest; the 60% partner has a 35,000 dollar investment made between 1969-82; 40% partner has over 400,000.00 dollar investment plus interest between 1979-present. Can agreement be ignored?
1 Answer from Attorneys
Re: Ownership dispute, buseness and land
The written agreement will fix the rights of the parties and can not be ignored. However, the agreement must be reviewed in detail by an attorney before you can be properly advised as to your rights. If the partner did something that was contrary to the written agreement you would have to file a legal action to enforce your rights. Suggest you consult an attorney immediately.
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