Legal Question in Entertainment Law in Tennessee
Dissolution of 1 (of 3) Partners
Our Publishing Company began with two 50/50 partners. A third individual wanted to buy in 20% stating that he had numerous contacts and an extensive knowlege. He stated if the original partners decided at a later date that it wasn't working out, he would walk away from everything including his funds with no hard feelings. All he asked was that we not attempt to dissolve before a twelve (12) month period.
Four months later he stated that more doors were closed to him than he'd thought and within 30 days after that he ceased to return the partner's calls. He did not participate in any meetings and made no contributions to the company as promised.
Two months later he relocated further than 100 miles away. We sent him a Dissolution Agreement via Certified Mail but he neither accepted it nor signed for it.
How do we get rid of this partner and is the remaining company legally allowed to retain his original monies for the past years expenses and operating costs, etc.?
1 Answer from Attorneys
Re: Dissolution of 1 (of 3) Partners
Most of the questions you need answered would be contained in the Operating Agreement between the three of you. It would be necessary to refview that document and all other correspondence to render any advice.
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