Legal Question in Business Law in Texas
What legal recourse do we have, when a silent partner in a partnership of three ( each with 33%) starts to display stalling and disruptive tactics. We are a small company with two of the partners working in the business but when we require all three partners to give personal financial statements, etc. to purchase equipment, the afore mentioned partner will either say no or stall as long as possible, to kill the deal. He basically does not want any part of the debt but will gladly take all of the upside.
1 Answer from Attorneys
Is the 100% of all partners deciding something stated in your partnership agreement or something you all agreed upon unofficially. The partnership agreement is going to govern first. If there are any ambiguities then state partnership law applies. If the partner is breaching his duty to the partnership then that may be another issue. It would be best to set up a consultation with to review the partnership agreement either with a firm like ours or one local to you.
Related Questions & Answers
-
I own a business in a very competitive industry. A competitor is telling my... Asked 5/02/14, 5:06 pm in United States Texas Business Law
-
I have recently received a letter from my previous employer (J.P. Morgan) stating... Asked 4/30/14, 5:13 pm in United States Texas Business Law
-
Do I need a 501c3 non profit organization to have a mentoring program for youth or... Asked 4/28/14, 1:57 pm in United States Texas Business Law
-
I was wondering if you could give one of your prior students some court advice. I... Asked 4/26/14, 7:48 pm in United States Texas Business Law
-
If I mail myself a bussines ideal through the post office is that the same as a... Asked 4/24/14, 1:29 pm in United States Texas Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
