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Conflict of Interest?

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cw001

Junior Member
What is the name of your state?What is the name of your state? MO

My business partner (50/50) has started another business that is in direct competition with our existing company, without my knowledge. I have recently discovered this new venture of his and do not know if it is legal to become competition with your current business and business partner.
We have no partnersip agreement in place.
 


seniorjudge

Senior Member
cw001 said:
What is the name of your state?What is the name of your state? MO

My business partner (50/50) has started another business that is in direct competition with our existing company, without my knowledge. I have recently discovered this new venture of his and do not know if it is legal to become competition with your current business and business partner.
We have no partnersip agreement in place.
We have no partnersip agreement in place.


Then there is no conflict of interest since there is no written interest to conflict with.
 

SleeplessInMI

Junior Member
Whenever you go into a partnership with someone a no-compete agreement should be standard practice... at least it seems that it should be to me. Without one, not much you can do though. :(
 

sukharev

Member
How can you have a company without an agreement? In some cases, verbal agreement may suffice, but not in general, I think you are required to have some agreement to be legit
 

divgradcurl

Senior Member
sukharev said:
How can you have a company without an agreement? In some cases, verbal agreement may suffice, but not in general, I think you are required to have some agreement to be legit
There is no required documentation or agreements for a partnership -- in fact, a partnership can be created even in the absence of any desire to form a partnership in certain cases. Partnerships are formed based on the conduct of two or parties when working together -- while many, if not most, partnerships will have some agreement or contract in place, there is no requirement to do so under the law.
 

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