Legal Question in Business Law in New York

how to i take control of my business

I have a business with a friend . Elevator repair. We are incorporated .My friend has no credit or money but has all the contacts. I bought or signed for everything (trucks tools insurance -everything ).we agreed 60% for him and 40% for me . Problem is he forgets to pay bills, does not know how to budget, or plan for tommorrow and uses our business account for his personal use .If i buy him out i will have no contacts .He has no credit of his own to get money to buy me out .what can i do to get the books to turn this mess around or how do i bail out and if i do i will be stuck with 2 truck payments .any ideas


Asked on 9/17/05, 6:33 pm

1 Answer from Attorneys
John Friedman Law Office of John K. Friedman

Re: how to i take control of my business

Your first step is to study any operating agreements and the corp's by-laws. They will provide you with some answers -- assuming they exist. If not, you will need to attempt to negotiate some operating arrangement with your "partner." You don't mention who owns what (just the profit split). You really need to consult an attorney. Your last resort will be to seek judicial disolution.

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Answered on 9/17/05, 10:35 pm


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