Legal Question in Business Law in Michigan

partnership

I own 49% of an entertainment corporation. If I leave, am I entitled to take 49% of the assets with me to form a new company.


Asked on 9/23/08, 5:32 pm

2 Answers from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: partnership

I am confused, is this a corporation or a partnership? Either way, no you can't just walk away with 49% of your assets. If you want to leave, you must follow the corporate bylaws or partnership agreement in what happens when you want to leave (usually your ownership interest is bought by the remaining owners). Maybe they will decide that to do that you can have certain assets. However that is not automatic. What you do is governed by the documents that govern the corporation or partnership.

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Answered on 9/23/08, 5:37 pm
Timothy Klisz Klisz Law Office, PLLC

Re: partnership

it totally depends on the language of your partnership agreement. I would be happy to look at it for you and give you an opinion. Visit me at www.kliszlaw.com to discuss. Tim Klisz

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Answered on 9/24/08, 8:27 am


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