Legal Question in Business Law in California

Re: Company buy-out please help!

You need to retain an attorney to negotiate a fair buy-out plan. You need to emphasize your contribution, and value you add to this company.

Re: Company buy-out please help!

You need represntation. Potential claims are Partition, dissolution, unjust enrichment, other claims. You can view my resume at www.christopherbrainard.com and you may call me at (310) 266-4115

Re: Company buy-out please help!

Basically, it sounds like you're getting screwed. It is not clear if there is a written formal buyout agreement signed by all the partners or just something called orally contracted throughout time with your other partners. My immediate advice is a new must immediately get a very good business lawyer/litigation lawyer, sit down with him/her and tell that person all of the facts, supply the attorney with bath as well as current financial statements and tax returns and allow him/her to do an analysis of your situation. This must be done immediately I have been practicing law in the San Francisco Bay area for approximately 35 years and expert in the area in the category in which your question is placed. I feel I can help you in this matter and if you wish to consult with me please contact me at 925-945- 6000.

Re: Company buy-out please help!

I wouldn't be looking at filing any lawsuits!

This is a matter that requires negotiation. Taking any step that estranges you from your partners or seeks or could cause a dissolution and wind-up of the business could kill the goose that lays the golden eggs.

First, I would carefully review the partnership agreement, which would include (in addition to the formal written contract between you with all amendments) the less formal stuff such as minutes of meetings, past practices re distribution of profits, the partnership tax returns, the books and records showing the partners' capital accounts, and the like, any of which could show how the formal agreement was construed by the partners.

Next, I would get a second and maybe a third opinion on the value of the business and your share of it, which may be less than one-fourth. Many business part-owners are shocked to find out how low their fractional interest is valued in court....most frequently the wife in a divorce where the husband has been managing the family business. The offer may turn out to be generous. You mention the assets and sales, but not the net profits nor the salaries and perks taken out by the partners. These facts are needed in order to form an opinion of value of your part interest.

Nevertheless, I would negotiate for a bigger slice of the pie. I would also negotiate for more of it up-front, or at least some collateral such as joint and several personal guarantees by the remaining partners.

Looks like you must be in San Benito County; that's not too far away for me to represent you economically; check my resume at my Web site and you will see that I have decades of experience as a business owner and consultant in addition to practicing law.