Legal Question in Business Law in Maryland

partnership

I own 5% of a 3 store fast food delivery service. I was a working inverstment partner. I was recently hospitalized and was off work for 3 weeks, when i got back to work my partner informed me that he was letting me go because he could nolonger aford to pay my salary, this was in march of o6. He also stated that he could not buy me out of the contract. He said he will not sell one off the stores and he is also having a house built from ground up and would not put that up for sale. My question is what is my stand on this matter. I recieved a serverance pay for one month which was for march 06. He did not give me any type off written notice. what is my next step in this matter.

Please help, I invested a lot off cash into this venture and I was recently told I have cancer and need to get my affairs together and would like to leave the cash for my children. Thank you.. Please help me


Asked on 4/14/06, 2:12 pm

1 Answer from Attorneys
Alton Drew Alton Drew, LLC

Re: partnership

You can either negotiate the winding down and dissolution of the partnership or file suit to have the partnership winded down and dissolved. A number of factors must be considered including the type of partnership i.e. general, limited; amount of cash and other capital invested; current value of your 5%; etc.

Read more
Answered on 4/14/06, 3:50 pm


Related Questions & Answers

More Business Law questions and answers in Maryland