Legal Question in Business Law in Georgia

My husband was in business with a family member . He basically was supposed to be the "silent partner". He actually turned out to be the "financial partner". Since that time, the business has gone downhill and he requested his name be taken off as co-owner. The family member claims to have done this, but I would like some sort of documentaion showing this has been done. Where can I find some help in composing a letter to that family member requesting something in writing?


Asked on 3/24/11, 10:45 am

2 Answers from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Ownership of companies is not kept on record anywhere other than on internal company agreements. So, in order to no longer be an owner, your husband would need to sell/transfer his ownership to someone and draft up the proper agreement.

If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 3/24/11, 11:12 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Partnerships are created by written partnership agreements. Those dictate specifically what everyone can and cannot do, and how to dissolve the partnership.

This is not done by letters and conversations.

Your post seems to hint that your husband screwed up badly, probably never saw a lawyer, and did things on handshakes. So instead of paying a few hundred dollars up front, he needs a lawyer now, and he may spend a lot more fixing things.

People are not just added and taken off of partnerships orally. Note that there are also tax and legal consequences he will need to be advised on.

Do NOT write a letter and mess things up more. See a lawyer to untangle the situation if it can be untangled.

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Answered on 3/24/11, 11:18 am


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