Legal Question in Business Law in Illinois
We have a 3 person partnership and one of the partners wants out. The other 2 partners do not want to pay him off. What rights does he have to remove his shares without the other 2 partners agreement?
1 Answer from Attorneys
Do you have a written partnership agreement? If so then the rights and obligations of the partners may be set forth in the agreement, and there could be a buy/sell agreement that if not complied with could result in the withdrawing partner being able to sue to enforce. If there is NO written agreement, or if there is but it is not addressed in the agreement, the Illinois Partnership Act may govern the situation, and if a partner wants to withdraw, that can cause the partnership to be dissolved, and if dissolved each partner can sue for whatever economic rights it may have coming. There is no such thing as removing shares, so to speak. Otherwise, there is insufficient information to answer your question adequately.
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