Legal Question in Business Law in New Jersey

Re: verbal contracts

To try to amicably dissolve the business and split it between them. This is like a business divorce and may require that someone to assist in mediating the separation.

Re: verbal contracts

Unfortunately, you will be stuck with each other or litigation. That is why you should have your business formed by a tax and business attorney. You should have a buy/sell agreement and business operating agreement. That would define voting rights, sale of business rights and the parties rights and obligations upon death and disability.

Now, you are stuck with having a judge determine your state law rights.

I hope this helps!

Ron Cappuccio

www.taxesq.com

Re: verbal contracts

You are in a classic standstill position because you have no written agreement that defines what happens next.

Unless you can employ a neutral to help you work out your differences, you will be forced to close down or have a judge impose a solution. Any conflict will be expensive so if you can work out at least some of the problem it would be beneficial to both of you.

Re: verbal contracts

I have read what the other attorneys wrote, and they are correct, it gets messy if you and your partner fight. You try to avoid that if you can.

Go see an attorney, and get some advice.

I do this kind of work. If you would like me to assist, please call my office. I am in Hackensack. A half hour consultation will be $75.00. You can then decide how you would like to proceed.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

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