Legal Question in Business Law in Michigan
Hello,
Myself and business partner of 23 years have decied to go our seperate ways. We have been involved in a S-corporation partnership 50/50 construction business and have done very well, until the mortgage meltdown. The pressures of not enough work have taken its toll. We are splitting assets (tools, equip, etc.), balance of cash, and I have agreed to let him take his clients with him, (he has the most active clients, mine were developers who have went under) with the exception of a commercial contract that began before we had decided to dissolve. It is a time and material repair contract of estimated $70,000 gross value. I feel I own 50% of it, since it was aquired before we had dissolved, he says it is his since it was generated thru his contact and is taking it. Please give me your input on this matter. Thanks, bob
1 Answer from Attorneys
If you have an S corp, you may be right in claiming 50% unless you have waived the right. Need to take a look at your articles of incorporation and bylaws before a determination can be made.
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