2006-06-09 10:40:55 · 5 answers · asked by gusinsky1 1 in Business & Finance ➔ Small Business
You pay him for his share of the company, then he gives it to you. Now you own what you already had, plus his share.
2006-06-09 10:43:54 · answer #1 · answered by send_felix_mail 3 · 0⤊ 0⤋
What type of business do you have? Are you a partnership or corporation. If you are a corporation what type of corporation? You will need to know how much money it will take to complete the buy out, which depends on what the business is worth. You will need to determine whether it will be a complete buy out or just a percentage of the partner's interest. There are a couple of different alternatives for getting the working capital you need to buy out a partner. Have there ever been any kinds of agreements made between the two of you on what to do in the event that this happens.
I would first see my CPA about this for advice. He is probably cheaper than a lawyer. Then get a lawyer if need be.
2006-06-09 17:48:52 · answer #2 · answered by ? 2 · 0⤊ 0⤋
Just let him quit & keep it all!
Or, be sweet & pay him a depreciated amount of what the assets are worth, divided by 2.
2006-06-09 17:45:12 · answer #3 · answered by mrsdebra1966 7 · 0⤊ 0⤋
You give him money and he signs a contract giving you his rights to the business.
2006-06-15 19:56:48 · answer #4 · answered by William H 2 · 0⤊ 0⤋
Don't do it without an attorney. You could get badly burned even if you are good friends.
2006-06-09 17:43:20 · answer #5 · answered by notyou311 7 · 0⤊ 0⤋