Legal Question in Landlord & Tenant Law in Minnesota
Joint tenant right
Me and a partner started a business. I want to come out of it. My partner wants to continue but don't want to buy my share or don't allow to sell whole business. He asks me to sell my share to any one I wish which is practically impossible to sell just my share to any one. It is a deadlock. It is a S-corp. So can I file for a Supervised dissolution. We are both 50/50 share holders.
Also we signed a joint tenant lease for commercial property for above business. We have an exit clause to come out before lease expires, paying 2 months rent. I want to come out of the lease and my partner does not as stated above. Can I give notice to landlord with 2 months rent from business account and file for dissolution. There is no partnership agreement and it is verbal. So we both have all authorities to sign bank checks etc etc....Will I be doing some thing wrong if I act as above.
Just because lease is signed jointly (as joint tenants), should the notice to vacate also be given jointly. What can I do if my partner does not agree to sign the vacating notice. The lease is in our personal names and not on business name.
What might be ball park amount I need to spend to come out of this crisis as legal fees and other expenses.
-RG
1 Answer from Attorneys
Re: Joint tenant right
You need to have an attorney review ALL of your corporate and lease documents to determine the best course of action. It is somewhat complex but doable. Do you have a buy-sell agreement?
That would be the document to determine the outcome in this situation normally.
You should immediately consult with me or another experienced business attorney.
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