Legal Question in Business Law in New York

A partnership works so long as the partners have mutual trust, integrity, vision and necessity for compromise. You may have an independent entity evaluate the business equity and worth of every partner and either you buy them out or they buy you out and each goes their separate ways. The third alternative is the partners' mutual agreement to sell the business to the highest bidder and distribution of assets.

As a Franchise Attorney I can only add the following to the other attorney's answer. It really depends on what your partnership agreement provides. That's the starting point. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

My colleagues are correct. The first step is to examine the partnership agreements. If there are no agreements or the agreements do not address the matter in question, New York has default rules that will help you and the partners resolve the matter. More importantly, these default rules do provide some protections for minority share holders. Since partnerships are rather fragile entities and can be dissolved much easier than other types of entities, as my colleagues noted, it's important to retain a business attorney to be by your side.

Feel free to contact my office at your earliest convenience

Roman R. Fichman, Esq.

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