Legal Question in Business Law in Texas

partnership

Me and my partners co-own and operate a business and draw a regular salary with benefits. Can they fire me and quit paying my salary? I know I have rights to my part of the business but am unsure about this end. If I do leave willingly, how do we determine my share of the business and what if we disagree on the amount?


Asked on 8/28/05, 1:45 am

3 Answers from Attorneys
Randy Fisher Fisher Law Office

Re: partnership

Short answer is that when partners split, partnership dissolves and you have to have an "unwinding". That includes a "valuation" and if there is a disagreement, there is litigation.

Without seeing what documents you have, I can't go much further. Any documents would control and could twist the dictionary definition of partnership into something unrecognizable. Others have advised you to seek an attorney. I have to also make that same advise.

Good Luck.

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Answered on 8/29/05, 4:59 pm
Joe Naylor

Re: partnership

If you set this up right to begin with, you just have to review how your lawyer covered all of these questions in your limited liability company or limited parthership agreement. If you didn't use a lawyer to begin with, then as you have probably heard, it is "pay me now, or pay me later" meaning now is the time for you to hire a lawyer.

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Answered on 8/28/05, 1:57 pm
Peter Bradie Bradie, Bradie & Bradie

Re: partnership

There are too many other factors that come into play that there's no way to answer your question. You need to promptly hire a lawyer.

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Answered on 8/28/05, 4:02 pm


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