Legal Question in Business Law in New York

Partnership

Is there any recourse for an equal partner in a business who has done most of the work in maintaining this business? Is there any way that this partner can be given his rightful share?


Asked on 2/21/00, 2:08 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Partnership

You do not indicate the type of business entity involved - corporation, partnership, etc.

If a corporation, and you are equal owners, there are usually state "deadlock" statutes that can be used to either break-up the business, enforce your rights, etc.

There are similar rights in partnerships, when the equal owners cannot agree.

Also, you do not mention if you have any stockholder or partnership agreements in writing. If so, what do they say if the parties are deadlocked?

I recommend consulting an attorney, reviewing the business documents and your statutes on this subject.

Walter

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Answered on 2/25/00, 9:55 am


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