Legal Question in Business Law in New Jersey

I am a business attorney. Partnership disputes and avoiding partnership disputes are a large part of my practice. I invite you to call me for a free telephone consultation to discuss your circumstances and explore your options. 973-921-0600. Thanks.

I agree with you that it is a significant problem . Unfortunately you cannot "force" your partner to enter into such an agreement. But you can do the following three things:

1) Learn about default provisions in the law that equitably protect partners by default without having to enter into an agreement.

2) if your company documentation is missing (many times in small companies the necessary paperwork is not in place) then you could demand that your partner agree to enact those documents (for example, an operating agreement / bylaws) and then include the relevant buy-out provisions in those documents.

3) Finally, a strategy that has worked in the past was to ask the other partner for their opinion on a smaller issue (even if informally) -- for example ask something like: "what would YOU like to see happen if I cannot do my job for 4 months straight?" then if the answer is agreeable then say in writing that you agree. Your partner's answers to these types of question would in effect resolve the issues that are covered in buy-out agreements --

I have a method that is made up of a series of clever questions that is designed to answer many if not most of the issues that are typically addressed in a buy out agreement. Call me.

Roman R. Fichman, Esq.

www.TheLegalists.com │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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As noted, you really can't do anything to make your partner enter into an agreement now. This is what we call "closing the barn doors after the horses have runaway." There are however default rules based on the type of entity or for default general partnerships that may address many of your concerns, so you should visit them in the meantime.

Your partner should also want to have a clear written agreement because it will also help protect him as well.

I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.