Legal Question in Business Law in Illinois

Left a partenership

It is a family owned business. It was my dads business but he passed away and my mother took over. She sold it to my brother and I for a good amount of money. It was a 50/50 partnership. We both paid taxes on what the business made each year. Things did'nt pan out after 5 years so I told him I had enough and he says he wont buy me out but would buy out my share of the equipment. He said if he had to he'd just start the business under a different name so he would'nt have to buy me out. We had no contracts with our customers but had been dealing with them for years. I had been with this business with the family for over 25 years. We were based in Illinois and Wisconsin. This was about 2.5 months ago and I have not heard a word from him. What are my rights.


Asked on 1/02/07, 8:38 am

1 Answer from Attorneys
David K. Staub Staub Anderson LLC

Re: Left a partenership

Your situtation is too complex for any short answer. In the absence of a buy-sell agreement that spells out specific rights and procedures, you are left with various statutory and common law rights. You really need to talk to an attorney who can explore the relevant facts in detail.

David K. Staub, an Illinois business attorney

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Answered on 1/02/07, 12:07 pm


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