Legal Question in Business Law in Wisconsin

Business partner wants out of corporation

I own 51% and my business partner owns 49% of our s-corp. He wants out and we have no buy-sell agreement. We have a business loan and line of credit to be paid off and he wants to relieve all of his responsibilities as a ''wash'' he doesn't expect to be bought out. Do I need a lawyer to draw up papers or can we work out our own agreement and have that notarized? What would be the best way to handle this situation? He basically wants to leave with no debt and no money, just wants out. What action should I take?

Thank you.


Asked on 9/07/05, 4:11 pm

1 Answer from Attorneys
Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

Re: Business partner wants out of corporation

Greetings,

You could use a lawyer to advise you on the options you have to come up with a deal with your partner, and then to make sure that is written up well to avoid problems down the road. Sure you can do it yourself, but how well do you think I would do at your job if I just took a stab at it without any experience. The notary has very little significance. It does not make the document legal, enforceable or a good agreement. It just help verify that you both signed the document, which is rarely questioned anyway.

Best wishes, Mark J. Mahoney, Appleton, WI 920-984-4529.

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Answered on 9/07/05, 9:22 pm


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