Legal Question in Business Law in Utah
Partner Buyout
I am part owner of a startup Corporation. I own 10% of the company. The agreement was that we would keep track of our time and money spent for the company and it would go towards our ownership. In my case I need to provide $50K of time and/or money to be fully vested for my 10%. I have spent about $5K of my time and money and am asking to be bought out. The others only want to pay me $1K now instead of the full 5K I have put in.
What's my options? Do I have to take the $1K?
Asked on 9/22/08, 7:13 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Partner Buyout
It depends on the terms in the operating agreement or bylaws. An attorney should review those to tell you your options.
Answered on 9/23/08, 10:31 am
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