I put more money towards this company, but I allowed him to be a 50-50 partner. It is not working out, my employees are not happy and donot like working for him. I am desperate to get rid of him, morale is down. I know this will effect our profits.
2007-01-07 14:51:46 · 12 answers · asked by not happy 1 in Local Businesses ➔ Other - Local Businesses
You will have to buy him out.
2007-01-07 14:53:27 · answer #1 · answered by shadouse 6 · 0⤊ 0⤋
You should have outlined your management or voting rights in your operating agreement. This could have been different from your ownership interests, lets say 51% to 49%, giving one of you operational control. That same agreement should have outlined conditions that could allow one person's share to be bought out.
If you don't have an operating agreement, then you are pretty much screwed. The perfect opportunity for you to have gained control, would have been by arguing that you had made a larger capital investment during the formation of the LLC. You could try to recommend that you guys draft one, but once you bring up the topic of voting rights, your partner will get suspicious.
You might try to recommend getting another investor to expand your company. Then draw up a new agreement. One that contains provisions for buyout, etc.
If you divide into thirds, you could then vote with the new investor to oust your current partner.
2007-01-07 15:48:18 · answer #2 · answered by g-man 3 · 1⤊ 0⤋
take a look at your contract when you started , but in any event you would have to buy your partner out but get a good quote of how much you company is worth if you sold it and then give you partner what percentage is owed
2007-01-07 15:03:19 · answer #3 · answered by cazzra1 3 · 0⤊ 0⤋
That's why in business you always have a 51% to 49% interest in the company. You will have to buy him out or sell out your half.
2007-01-07 17:04:21 · answer #4 · answered by alfa64dfwm 2 · 0⤊ 0⤋
Explore what your co. is worth on the market and then offer him 50% as a payoff. Tell him this is for the business' sake.
2007-01-07 14:54:03 · answer #5 · answered by fade_this_rally 7 · 0⤊ 0⤋
Best course of action is to buy out his share.
Or find someone else, whom you can work with, to buy out his share.
2007-01-07 14:54:34 · answer #6 · answered by InspectorBudget 7 · 0⤊ 0⤋
You should get a lawyer since it will involve alot of legal stuff.
2007-01-07 14:53:41 · answer #7 · answered by Pantherempress 7 · 0⤊ 0⤋
Gee, a gun. a roll of carpet, a couple of bricks...and a deep lake!
2007-01-07 14:53:05 · answer #8 · answered by Matthew D 1 · 0⤊ 0⤋
Only way is to buy is half
2007-01-07 14:53:53 · answer #9 · answered by HVAC Man 4 · 0⤊ 0⤋
buy out his share
2007-01-07 14:52:51 · answer #10 · answered by ? 7 · 0⤊ 0⤋