Basically my husband went into business with his best friend they made no contracts or anything it was all on trust, they had a bank loan to buy the equipment which will be paid off in october, under both their names, the business is registered as a limited company as both equal share holders 50/50. The partnership is not working out as my husband does all the work and he does none this has gone on for 3 years and no matter what my husbands says his partner will not change his ways, so my husband wants out he would ideally like to go alone please could you advise what is the best way to do this, resign or dissolve the business or is there other options, any advice would be much appreciated or even just a website I look on, thanks
How do you get out of a business partnership?
HI-, First of all you should not enter a business partnership unless you go through the proper Chanel's, contracts must be drawn up with all issues placed in contract, Such as relinquish of bisiness iff it fails, + one could buy the other out iff it does not work out between you, GO to a solicitors not the one you normaly deel with wright it down what you are going to tell him or her, You could offer to buy him out but not at this stage get advice %26amp; see how you stand legaly. ANOTHER way you could go is to start out on your own again on the sly but i think the first option to begin with %26amp; go from there. I would like to here how you go on best of luck.D.F;
How do you get out of a business partnership?
There are a few options available, he could buy the partner out, disolve the company (go bust) and then start again on his own, or pay a solicitor lots of money to get his partner booted off. Easiest way is to go it alone from fresh :(
Get a lawyer. Tell him the story. Act on his advice.
by punching your business partner that will soon end the partnership
