Legal Question in Business Law in New York

As a Franchise Attorney I need to ask something. When you say there "is not legal contract in the partnership," what do you mean? No written partnership agreement? There can be an oral partnership agreement, and that may be what you're under. In any event you need to sit down with a good business or franchise attorney in your area for specific advice after a review of all surrounding facts and circumstances.

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

Franchise Foundations, a Professional Corporation

In the absence of a partnership agreement New York State has a set of default laws that help partners sort things out. You should consult with an attorney admitted to practice in New York as soon as possible because in a general partnership (e.g. a de-facto partnership that is not governed by any agreements) you are responsible for your partner's actions and this could expose you to great liability.

Please contact my office at your earliest convenience.

Roman R. Fichman, Esq.

www.TheLegalist.com │ @TheLegalist

email: Info (at) TheLegalist (dot) com

t e l : 2 1 2 -- 3 3 7 -- 9 8 3 7

admitted to practice in New York and Connecticut

Disclaimer: This posting has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice. You should always consult an attorney admitted to practice in your jurisdiction for specific advice.

You would need to purchase the partner's share of the assets. What I would do is form a corporation and enter into a bulk asset purchase with the partnership.

Mike.