Legal Question in Business Law in New York

I have a small pizza restaurant in Brooklyn, NY. I have a partner but we are not getting along. The lease is on his name but Con Edison, Gas, Phone, and the Corporation is on my name. About 3 weeks ago, we decided that he will buy me out but to give him a month to come up with the money. Now, he is threatning me that he will shut down the store and re open it on his name, without giving me any money. He is extremely confident that if we go to court he will win due to the lease being on his name. Do i have a chance?


Asked on 12/24/09, 5:33 pm

2 Answers from Attorneys
Marshall Isaacs Marshall R. Isaacs, Attorney At Law

No attorney can answer your question with the limited information you've given.

The first thing an attorney will want to know is whether you ever entered into a Shareholder Agreement with your partner. If so, that document will contain many of the answers. Without an agreement, your partner can shut down the store but you would probably be able to get a temporary restraining order preventing him from doing so until the partnership/corporation is dissolved.

Again, your situation is not a simple one and really needs to be sorted out in a lawyers office.

Hope this is a helpful start.

Marshall

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Answered on 12/29/09, 6:25 pm
Michael Markowitz Michael A. Markowitz, PC

As partners you are subject to NY Partnership law. If your partner shuts down the store, he - in effect - is dissolving the partnership. As a result, you would have rights to the value of the business under NY Partnership law Article 6.

Mike.

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Answered on 12/30/09, 5:18 am


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