Legal Question in Business Law in Arizona
i started a business in 2006 and added two partners in 2010, 2 months ago i have discovered that they have been dishonest and deceitful in regards to bank isuues. is there a grace period to have them removed for trust issues. also the lease that was signed was prior to them being added to lease what are my options . they will not go quietly!
3 Answers from Attorneys
Any attorney will say your partnership documents need to be reviewed to see how trust and other partner removal issues were handled. The lease will likely remain as is, unless the partnership agreement addresses this issue. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
Yes, This kind of action is a prelude to what I call "business divorce." General information" won't solve your problem. You need consultation with and advice from an attorney and a plan of action. Unfortunately, as with personal relationship disputes, these situations can be difficult.
It is difficult when you have trusted people and they were deceitful in the beginning and will not be reasonable now. You have called them "partners" but it is not clear if you have a real partnership or if you have another entity, ie. an LLC or corporation. There is no grace period for your situation, but there are statutes of limitations and other legal duties which would require you to take action promptly. As others have told you, you need to consult with an experienced lawyer at once and determine what legal claims you may have against the partners. You may have good cause to get them out, and without paying them to leave. A lawyer will help you analyze the facts and figure out your situation and give you the alternatives available to you. You could consult with me for a one time flat fee, and without any obligation to do anything else.
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