Remove a Partner

[pete]

I started a business in Wisconsin in 1996. I took on a Partner in 1998 and became a General Partnership. This Partnership was 50/50. In 1999, we took on another Partner making all of us equal 1/3 owners. This 3rd Partner is not working out and causing alot of problems within the company. My first Partner and I gave him a very fair buyout offer which he has turned down. Customers & Employees are starting to notice the fighting between the Partners. The company can not continue this way! Can we REMOVE this Partner?

 

[Tracey]

Yes. The two of you can dissolve the 3-way p'ship & start a new 2-way p'ship. You will have to go through a formal winding-up & pay P whatever the bottom line indicates he should receive. You'll need a VERY good accountant & a partnership lawyer. Start looking tomorrow.

See "PARTNER LEAVING BUSINESS W/my $" for more info on winding up a p'ship.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.