My folks are involved with a guy who owns 25% of a general partnership (GP) business, and this guy is constantly undermining everything about the business – he’s not doing his job, canceling patient appointments, and “hiding” checks that come in to this (already failing) business. To “legally” ditch him, we’d need to pay off his investment of $10k, but as strapped for cash as everyone is with this thing, that’s not likely. Are there any other ways that we could legally dissolve the partnership and keep all things in the name of the majority ownership holder, including equipment and property?
#1 by drwer2 on 11/21/2011 - 9:24 AM
Yes, precisely as you said.
1. confront him and offer to buy him out.
2. explain that if he doesnt take the offer, then you will dissolve the partnership and take your client list and equipment.
3. get your attorney to write up this plan and organize the change over.
dont hesitate. begin planning today. Ifnecessary get your financial house in order in the form of a new orgainzation and present this option to your banker (confidentially of course) explain how this will improve your financal prospects and ask for your bankers advice andperspective. (they love giving good advice and customers that ask)
good luck
#2 by ustoev on 11/21/2011 - 9:52 AM
Fire him. Does he have a contract? SInce he is a minor partner and without a contract, he has not right to a job. He might insist on you buying him out but give him a note to pay off some at a time.