Legal Question in Business Law in Minnesota
i am a 50% partner in a s-corp. my partner had a stroke 1 year ago.his son is now is his legal conservitor,our by laws state that one has to by the other one out.I have had two accountants value this buisness and both agree at the value of the shares. i have in good faith offered this amount for his share. he wants more money.the question i have is can i file for liquidation and then start a new buisness under a new corp.with my employees.
2 Answers from Attorneys
A court-ordered dissolution might be possible, but it is impossible to tell at this point because more facts are needed. In any event, no one can ever guarantee what will happen in court. More importantly, there may be some better options in that they have less risk, time, and expense that should be explored before dissolution.
You may wish to seek to mediate a resolution to the issue. By agreement, the matter may also be submitted to binding arbitration. Each is likely less expensive than litigating the case to seek a court ordered liquidation.
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