Sale of business to current business partner

[moh1]

I have a business which I own 50% of and can no longer get on with my business partner so have agreed to sell my half of the business to him for £25k. He has come back to me to say that he will give me £12,500 to sign my shares over to him and then a further £12,500 when the lease is signed over to him. The majority of the money we invested in the business was fixture and fitting and not the lease. I am not sure how to proceed as if he owns the business fully and decides not to purchase the lease later, I will lose out and will own a lease that is not really of any benefit. Please help!

 

[latigo]

I have a business which I own 50% of and can no longer get on with my business partner so have agreed to sell my half of the business to him for £25k. He has come back to me to say that he will give me £12,500 to sign my shares over to him and then a further £12,500 when the lease is signed over to him. The majority of the money we invested in the business was fixture and fitting and not the lease. I am not sure how to proceed as if he owns the business fully and decides not to purchase the lease later, I will lose out and will own a lease that is not really of any benefit. Please help!

Unless they are governed by an existing partnership agreement you don't have to accept any such proposals.

Consult with your solicitor! And don’t do anything without his or her approval.

Perhaps if you threatened to throw the business firm into dissolution with a liquidation of assets, the other end might sweeten the offer to your liking.

But rely solely on the advice of the solicitor.

 

[Zigner]

What's that squiggly L mean? It's not usually found in US finances & law. And since this is a forum for US law, I don't think we can help this OP.