Legal Question in Business Law in Texas

Corporation where one partner wants a buyout

My husband and I own an ambulance service and we have a partner. All three of us are named on the incorporation papers. The partner wants out and made an agreement on the buyout. He has sinced changed his mind and wants to take out 70% of our monthly profits every month until his invest is paid off. His girfriend was our secretary and I noticed on the checking account she wrote him a 28000.00 check for a bill that he was owed but it was actually part of his initial investment. He will not let us have the checkbook so that we can obtain an attorney through the business to work this out and he also will not let us have all our billing so that we can continue billing because that is how we make our money. He has refused letting us write a check for an office space or anything else so that we can continue operations without any interruptions. Can he do this? He also is having a buyout contract drawn up that is going to state that he will have full access to our office and accounts until he is paid off.


Asked on 2/17/07, 9:17 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Corporation where one partner wants a buyout

Since this is supposedly a corporation, there are no partners; only shareholders, directors and officers. If you don't have that, then maybe you have a de facto partnership.

What he's doing is wrong, but you'll need a lawyer and a hefty warchest to get this sorted out. Expect a retainer of at least $10,000 to get started straightening out this mess.

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Answered on 2/17/07, 1:29 pm


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