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Partner wants different partner

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mysti_summer

Junior Member
What is the name of your state? Ohio

I invested 50% capital toward a new business and signed a document with the other partner, who invested 50% stating that we both did so. The document is not notorized, but he did sign and date it. Now he says that if me and my boyfriend break up, he won't be partners with me, but wants my boyfriend as his partner and at the very most, my boyfriend and I are 25% each. Can he make this decision without my consent and is this up to him to decide? What options do I have? I don't want to lose this business and I don't want to be forced out. Thank you in advance for any advice!
 


A lot depends on what you mean by "business"...

If you actually incorporated a business, then you're articles of incorporation or organization (if its an LLC), will govern. If it was just, "hey, we're in business now, and here's how it will work", then the only thing you got controlling it is the agreement you both(?) signed. If you've registered with the state, paid taxes, or actually done something that says you're a business, then there might be a little more substance to it.

Technically, regardless of how it was formed, in order to change the structure of the organization you can a.) disolve the agreement and go your separate ways; b.) one of you can buy the other out, and then reorganize; or c.) set up a new agreement to which you all agree.

Can he force you out? Well...if there's no real company, and no more than what you described, then who gets to keep what would probably have to be decided in court. He can only dictate his terms if you want him to continue to be involved...
 

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