Legal Question in Business Law in Illinois

Business partners

I am 50% owner of a small HVAC company that has been in business for 3 years. My partner and I did not make a partnership agreement thinking it was not necessary. We are an S corporation and I run the business from my house. I have been putting more time and effort into the company than my partner and we seldom see eye to eye. I want to be done with my partner but I am not sure what I can do at this point, do I tell him I want to dissolve the company or do I try to buy him out? I don�t think he would be willing to let go of the company. What are my options?


Asked on 3/31/08, 7:38 pm

2 Answers from Attorneys
David K. Staub Staub Anderson LLC

Re: Business partners

You have a lot of options, some based on the Illinois Business Corporation Act and some based on what you can work out. The latter will probably be better for all concerned, but you need to fully understand your rights to put you into a position to negotiate a good outcome.

I strongly suggest you consult an attorney who can advise you on your specific facts.

David K. Staub, business attorney

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Answered on 3/31/08, 7:47 pm
John Steele Steele Law Firm

Re: Business partners

The law is one thing, but practically speaking, I suggest one of two options. One, offer to buy him out. If he says no, then open a new corp, take the customers and equipment you want, and go off on the new venture.

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Answered on 4/01/08, 6:20 pm


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