Legal Question in Business Law in Florida
Corporation/Franchise advice needed
Where to begin?? I am a member in a partnership involved in doing a childcare franchise. I am one of 3 members(40/40/20). I hold a 40% share. There is an opperating agreement that is signed and in place. The original business plan was to open 2 schools at the same with the 40% share partners being the opperators. Two prelim franchise agreements were purchased for this purpose and two locations have been idenified. After having signed the first lease, the 20% partner has decided he no longer wants to do the second right away. He wants to open one and see how it goes before moving on. Though he only has a 20% share, he has lots of pull with the other partner and has convinced him to go along. The second location was identified by me and was to be mine, where the first is not. This is how it is layed out on the franchise docs. So, does this mean for me? One school goes forward(not mine) and the other(mine) dies and is given to another franchisee. This is obviously not in my best interest since this was not the original agreement. Doing 2 at once was actually the only reason the 20% partner was asked to join the venture. He was not needed for one school. Now My finances are tied in a deal that benefits them with no guarantee that #2 w
2 Answers from Attorneys
Re: Corporation/Franchise advice needed
I would need to see the contracts(via e-mail or fax) in order to assist you.I would suggest you send me an e-mail with your phone # and a good time to call you.
Sincerely,
Robert Roemer
Re: Corporation/Franchise advice needed
Have a lawyer review the operating agreement etc. Then you can determine your ability to take action to enforce what rights you have.
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