Legal Question in Business Law in Pennsylvania

Partnership

I took a partner on back in Oct. I did not know this person, but liked her right away. Our aggrement was half paid at time of signing, 1/4 a year later and the balance in the year 2004. She paid full amount by Dec. She walked out on Fri. (1-17-03) stating that she was misled. All income returns and balance sheets were faxed to her husband who is a CPA the day she signed the aggrement and paid the first installment. My question is what if she does not come back, I am a ''C'' corp. can I change the locks and take her name off of the company? I have froze our account until further notice with the bank, was this wrong? Thank you


Asked on 1/18/03, 9:22 pm

2 Answers from Attorneys
David L. Bargeron Unemployment Help Center

Re: Partnership

I do not understand your question - why was a partner making payments. You further state that you are an "C corp." - are you doing business as a partnership or corporate entity? If you can clarify I can help you.

Please call for a free consultation

Read more
Answered on 1/20/03, 2:17 am

Re: Partnership

If you are a "C" corporation and she met the terms of the share purchase agreement, she owns whatever percentage of ownership of the company you agreed to sell to her. It sounds as if she no longer wants to be part of management with you and may well ask for her money back. You should go over the agreement and other corporate paperwork with an attorney and determine your strategy for moving forward.

Read more
Answered on 1/20/03, 9:36 am


Related Questions & Answers

More Business Law questions and answers in Pennsylvania